Houzz India Survey Reveals Top Home Renovation Trends
Renovation activity driven by younger generations; Homeowners integrate smart technology
More than one third of homeowners on Houzz renovated in 2018 (35 percent), at a median spend of ?3,00,000, according to the annual Houzz & Home India survey of more than 2,500 respondents in India. Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three quarters of the renovation activity (78 percent), at a median spend of ?3,00,000 and ?2,50,000, respectively. Similar to expectations from previous years, 26 percent of homeowners planned to continue or begin renovations this year, with 41 and 35 percent of Millennials and Gen Xers, respectively, anticipating new projects.
Despite a number of headwinds for the global and national economy, renovation activity continued to keep pace in 2018 and will likely experience growth in 2019,” said Sanjay Nadkarni, Country Operations Manager, Houzz India. “Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. We are delighted to share through Houzz & Home report these insights back with our community to give homeowners greater confidence in the choices they make for their homes and provide pros with additional insights on Indian homeowners’ preferences”, Mr Nadkarni added.
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovations are to stay in their current home or area, significantly outranking return on investment (42 and 36 percent, versus nine percent, respectively). Wanting to stay in the current home or area are the biggest decision drivers for Gen Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalized home that fits their vision.