Latest Homeowner Stats and What They Mean For You

“The first step in exceeding your customer’s expectation is to know those expectations.” – Roy H. Williams

Field service businesses owners who work primarily in the residential market should have a pulse on today’s homeowners, like what they’re doing and what they expect. Lucky for you, we’ve done the research and even laid out some action items to consider.

Stat #1: 53% of baby boomers say they’ll hire a pro for every project, while only 40% of millennial homeowners say they will (HomeAdvisor).
What It Means: You may find that this coincides with your business; that more baby boomers are likely to request work over millennials — they are often more financially well off after all — but keep in mind when more millennials enter their 30s, you may likely see more demand from them so why not figure out how to market to them now?

Stat #2: Spending on home renovations is up year over year, with baby boomers taking on the most home projects and spending the most, but it’s closely followed by millennials. Baby boomers report spending an average of $5,604 on home improvement projects in the last 12 months, while millennials report spending an average of $5,046 (HomeAdvisor).
What It Means: While millennials tend to be more cost-sensitive compared to baby boomers, these stats show they shouldn’t be factored out as they are not far behind from baby boomers when it comes to home renovation spending.

Stat #3: The use of credit cards by homeowners to fund homeowner renovation projects is up 2% year over year (Houzz).
What It Means: Service pros who readily accept credit cards may win more business than those who do not. Did you know our field service mobile app easily allows pros to take customer payments on the spot, without the need to carry around any special equipment or pay inflated transaction fees?

Stat #4: 41% of homeowners who have planned home projects in 2017 want to do outdoor projects (i.e. decks, patios and landscape renovations), 32% want general home repairs/technology updates, 28% want bathroom updates, 24% want kitchen remodels and 14% want garage updates (LightStream).
What It Means: With outdoor renovations being the most popular of all the home updates, field service businesses in those industries may face tougher competition to try to win homeowners and will have to figure out how to stand out. The same goes for businesses who do general home repairs and bathroom remodels.

Do you find these insights to be true in your industry? We’d love to hear from you! Leave us a comment below.

 

Last modified: July 21, 2017

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