New Homeowners Injected $19 Billion into the Home Improvement Retail Market During the Past Year

Couple looking at paint swatches image

New Homeowners – defined as those adults in households who own their home but have lived there three or less years –spent a total of $19 billion on home improvement projects during the past year. According to Scarborough’s latest analysis on New Homeowners, this consumer group buys – and plans to spend – in a wide variety of home improvement categories, from heavy remodeling projects to buying new furniture. Here are some of the key facts from Scarborough’s home improvement consumer data.

New Homeowners Focus on Making Their Homes “Their Own”

New Homeowners are more likely than other consumers to take on a large array of home improvement projects, from simple projects such as painting or flooring, to large-scale improvements such as additions or replacing windows. In fact, they are 28 percent less likely than the average person to indicate they have not completed any home improvements during the past year.

New Homeowners More Likely to Conduct Wide Array of Home Improvements (Index)

The Home Depot and Lowe’s are Top Home Improvement Store Brands Among New Home Owners

Almost half (49%) of New Homeowners made a purchase at the Home Depot® during the past year, and 45 percent of this consumer group bought at Lowe’s® during that timeframe, making these the top two home improvement store brands among New Homeowners. Only one-fifth (20%) of New Homeowners did not make a purchase.

New Homeowners Flock to The Home Depot and Lowe’s Chart

From New Furniture to Home Security Systems, New Homeowners Anticipate Many Purchases During the Next Year

New Homeowners remain focused on outfitting their homes with a wide variety of items. They are more likely than the average person to plan to buy everything from pest control services to HDTVs.

New Homeowners Household Purchase Plans During the Next Year Chart

America’s New Homeowners are Young, Upwardly Mobile Families

America’s young families are seizing new opportunities in the housing market. Scarborough homeowner statistics illustrate that this consumer group are more likely to be Millennials or Generation X, married with children, and have big educations and high incomes.

New Homeowners are Young and Upwardly Mobile Families Chart

 

SOURCE: Scarborough USA+ Study, Release 2, 2012.

CURIOUS ABOUT NEW HOMEOWNERS? You can also examine consumers who are buying new construction, second homes, or those with mortgages, or dig deeply into related topics such as home insurance. Contact Scarborough for more homeowner and home improvement statistics today!

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