Technology Helps Millennials Plan Remodeling

Las Vegas, NV, Feb. 7, 2014 -- Better Homes and Gardens has released findings from its sixth-annual survey on the attitude and spending trends of home buyers.

This year’s research focused on Millennials’ preferences for their next home, and asked more than 3,200 prospective home buyers about home improvement spending, the importance of personalization, and technology in home value.
 
According to a recent report from the Boston Consulting Group, U.S. Millennials account for an estimated $1.3 trillion in direct annual spending. In addition, the report notes that in the next 15 years, Millennials will outnumber Baby Boomers 78 million to 56 million.
 
In a presentation at the International Builders Show in Las Vegas, Jill Waage, editorial director for home content, noted that “Millennials are swarming into the home marketplace armed with information, ideas and a passionate desire for personalization. Home builders, designers, and remodelers should know that this generation expects you to work with them as collaborators not just contractors.”
 
Waage notes that Millennials use a range of media platforms including social media such as Pinterest and Instagram among others to express their personality and share ideas on home design and style.

“We have seen an explosion on our social media outlets of Millennials exchanging everything from swatch styles for wallpaper to outdoor decorating designs. This generation wants homes that reflect their individuality and their sheer size will reshape the home market for decades to come.”
 
Like previous generations, the Millennial generation believes owning a home is part of the American Dream (79%) and that a home is still a good investment (77%) however; many are challenged to qualify for it.
 
The lack of a down payment, reported by 35%, was the greatest obstacle to making the dream a reality.

The Millennials are least likely to expect their next home to be newly built (18%) and most likely to say their next home will be a house they can fix up (23%).

Among those planning a home improvement project in the next 12 months, nearly 35% highly agree that “now is the right time to spend” on home improvements.
 
Among the respondents, 45% of Millennials said they are in the process of planning or doing a major home improvement or decorating project. And, 75% of this group report decorating with furniture and accessories.
 
In addition, work spaces in the home continue to gain importance. Out of those surveyed, 26% of Millennials said they are building or planning to build a home office, work space or family computing center. A reported 41% felt a combined office-hobby-crafts-art room was ideal.
 
When thinking about future projects, casual entertaining is very popular among Millennials, as 35% reported wanting to work on outdoor living or entertaining areas.
 
Millennials also want a home with personalization and seek out creative ways to improve the look and feel of their home.

Examples of personalization and home individualization include chalkboards, under stair storage, and adding bins and buckets to maximize shelving. Other personalization trends include a choosing industrial and vintage elements in the bathroom, sliding barn doors and considering children as part of décor choices.

Nearly 6 in 10 respondents report using a smartphone or tablet to access home-related information.  



Other Archived Articles

Consumer Sentiment Falls from January Peak   Full Article
Ann Arbor, MI, Feb. 13, 2015 -- Consumer sentiment declined in February after reaching an 11-year high in January, according to the Thomson Reuters/University of Michigan index.

Mohawk Group Sponsors HPD Collaborative   Full Article
Calhoun, GA, Feb. 13, 2015 -- Mohawk Group said it has become part of a growing list of “Visionary” sponsors of the Health Product Declaration Collaborative.

Earthwerks Signs Distributor Longust   Full Article
Houston, TX, Feb. 13, 2015 -- EarthWerks said it has signed a distribution agreement with Longust Distributing, Inc. to cover the southwestern U.S.

NAHB Analyzes Data on Boomerang Millennials   Full Article
Washington, DC, Feb. 13, 2015 -- A recent study of “Boomerang Millennials” may have important implications for this key demographic and what it means for the housing market, according to the National Association of Home Builders.

Metroflor Names Langstaff Design Director   Full Article
Norwalk, CT, Feb. 13, 2015 – Metroflor Corp. said that Robert Langstaff has been named the company's first director of design.

More Designers, Architects Attend Surfaces   Full Article
Dallas, TX, Feb. 12, 2015 -- Informa Exhibitions U.S. said that attendance at this year's International Surface Event was comparable to the 2014 show.

Retail Sales Decline in January   Full Article
Washington, DC, Feb. 12, 2015 -- Retail sales fell 0.8% last month, according to the Commerce Department.

Jobless Claims Edge Up Last Week   Full Article
Washington, DC, Feb. 12, 2015 -- Initial applications for unemployment benefits last week rose 25,000 to a seasonally adjusted 304,000, the Labor Department said.

Milton Warman, Coloramic Tile Founder, Dies   Full Article
Chicago, IL, Feb. 12, 2015 -- Milton Warman, 92, founder of Coloramic Tile and Carpet Fair, died Feb. 7.

House Price Growth Steady in Most Markets   Full Article
Washington, DC, Feb. 12, 2015 -- The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter, according to the latest quarterly report by the National Association of Realtors.

Stonewood Floors Names Martin Senior Vice President   Full Article
Everett, WA, Feb. 11, 2015 -- Daniel Martin been named senior vice president for Stonewood Floors.

Mortgage Application Volume Declines Last Week   Full Article
Washington, DC, Feb. 11, 2015 -- Mortgage applications last week decreased 9% from one week earlier, according to the Mortgage Bankers Association.

December Foreclosures Lowest Since 2007   Full Article
Irvine, CA, Feb. 11, 2015 -- There were 39,000 completed foreclosures nationwide in December, according to real estate information firm CoreLogic.

Nydree Expands Distribution Agreement With Spartan   Full Article
Forest, VA, Feb. 11, 2015 -- Engineered wood flooring maker Nydree Flooring has chosen Spartan Surfaces to distribute its products in Virginia, Washington, D.C., and Maryland.

Mohawk, Shaw, Tandus/Centiva Again on Training 125 List   Full Article
New York, NY, Feb. 11, 2015 -- Training magazine has ranked Mohawk Industries 14th, Shaw Industries 54th, and Tandus/Centiva 66th on its annual list of top training organizations.

NeoCon East Moving to Philadelphia   Full Article
Chicago, IL, Feb. 11, 2015 -- The 13th edition of NeoCon East will be held Oct. 28-29 in Philadelphia.

Small Business Optimism Down Slightly in January   Full Article
Washington, DC, Feb. 10, 2015 -- Optimism among small business owners fell in January, according to the National Federation of Independent Business.

Job Openings at Highest Level Since 2001   Full Article
Washington, DC, Feb. 10, 2015 -- Job openings increased to more than 5 million in December, according to the Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics.

Wholesale Inventories Edge Up in December   Full Article
Washington, DC, Feb. 10, 2015 -- U.S. wholesale inventories ticked up in December but below expectations, according to the Commerce Department.

Congoleum Names O'Connor CFO   Full Article
Mercerville, NJ, Feb. 10, 2015 -- Congoleum Corporation said that Chris O’Connor has been named chief financial officer.