Strong Housing Market Drives Sales for Home
Improvement Products Market, Creating More "Do-It-Yourself" Consumers
Throughout the past decade, a strong economy has
fueled a booming housing market creating more homeowners. In fact, Goldman Sachs'
recent studies indicate total home building and remodeling increased about
9 percent in 1998 to $300 billion. Additional reports reveal that each
year, homeowners spend an average of $1,300 to $1,900 on home improvement
projects and/or products. Studies from the Home Improvement Research
Institute indicate there is a growing market of consumers who do home
improvements themselves. Additional evidence to support this is apparent
from the growing number of Do-It-Yourself magazines and television shows
available to consumers.
Women's Independence and Home Ownership Contribute
to a Steady Increase of Female Do-It-Yourselfers
The Home Improvement Research Institute's studies show that as
gender roles continue to shift and more and more women become the
heads of household and individual homeowners, the female Do-It-Yourselfer
is quickly becoming a growing segment of the total Do-It-Yourself consumer
market. In fact, a national leading home center estimates about 50 percent
of its customers are women. Additional evidence to support this is seen
in home improvement manufacturers' shift in advertising, depicting ads
and marketing material that caters to the female Do-It-Yourselfer. And
popular home improvement television programs frequently depict home
projects being completed by men and women. Sources also indicate that
women are taking on more complex home improvement projects that were
traditionally male dominated projects.
Steady Increase in Internet Usage Attributed to More Consumers Going
Online For Home Improvement Advice and Expertise
According to the International Data Corp. (IDC) the worldwide Internet
economy will surpass the $1 trillion mark in 2001, and by 2003, it will
be well on its way to $3 trillion. The online audience is expected to
triple, increasing to more than a half billion individuals worldwide
who will be online by 2003. Reports indicate consumers are using the
Internet to conduct financial transactions, make product purchases,
obtain expert advice and join like-minded online communities. As Internet
usage continues, these trends will only increase.
Increasing Popularity for Older Home Restoration Drives Many Consumers
To Become Do-It-Yourselfers
Goldman Sachs' sources indicate that middle-class Americans are continuing to embrace
historic home restoration just as enthusiastically as wealthier Americans.
And sources indicated that a steady increase in older home sales to
middle class Americans, drives many of these consumers to become Do-It-Yourselfers,
in an effort to keep restoration costs lower.