New Homeowners Spent $18 Billion on Home Improvements

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New Homeowners Injected $18 Billion into the Home Improvement Retail Market During the Past Year

New Homeowners – defined as those consumers who own their home but have lived there for three years or less – spent a total of $18 billion on home improvement projects during the past year. Nielsen Scarborough recently updated its 2013 analysis on the home improvement market. This year, remodeling has risen as a popular project among new homeowners. This consumer group also plans to buy across a wide variety of home improvement categories, including energy-conscious solar panel and appliance purchases. Here are some of the key facts from Nielsen Scarborough’s home improvement consumer data.

 Heavy Remodeling Popular Among New Homeowners

Remodeling projects are increasingly popular among new homeowners. One out of five (20%) new homeowners took on a remodeling project during the past year, which is 44 percent higher than the national average. In fact, this consumer group is 70 percent more likely to have remodeled a kitchen during the past year, 43 percent more likely to have remodeled a bathroom, and 60 percent more likely to have remodeled another part of their home. The basics – landscaping, painting, and flooring – are also heavily conducted by new homeowners.

New Homeowners 1

The Home Depot® and Lowe’s® Remain the Top Home Improvement Store Brands Among New Home Owners

Almost half (46%) of New Homeowners made a purchase at the Home Depot or Lowe’s during the past year, making these the top two home improvement store brands among New Homeowners. Twenty-three percent of New Homeowners did not make a purchase.

New Homeowners 2

New Homeowners Anticipate Energy-Conscious Purchases

Solar panels are on the New Homeowner’s list, according to Nielsen Scarborough. While only three percent of homeowners anticipate buying solar panels during the next year, this is greater than the national average of two percent. Four percent of new homeowners plan to buy an energy saving appliance. Furniture and mattresses top the new homeowner’s planned purchase list.

 New Homeowners 3

The Young and Upwardly Mobile Continue to Bring Strength to Housing Market

Adults under the age of 49 with young children at home continue to fortify the housing market. According to Nielsen Scarborough, those adults who own their home but have lived in it three years or less are likely to be under the age of 49 and married with one or more children at home. They are 36 percent more likely to have an annual household income of $100K or greater and 39 percent more likely to have a college degree or more.

New Homeowners 4

SOURCE: Nielsen Scarborough USA+ Study, Release 2, 2013.

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 us for more insights or click to download an infographic on consumers experiencing major life changes this year!

 

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