Future Trends: Marketplace Expressions
Two key trends capturing consumers’ attention today and in the near future are closely tied to a desire for greater adaptability to meet evolving lifestyle needs (Life, Well Lived) and a search for connections based on shared passions, support and inspiration (Cultivating Connections) according to The Home Improvement Research Institute (HIRI).
Home Improvement Must Create Flexibility and Immersive Connections
As consumers open up after the economic hardships of the past six years, they are looking to avoid feeling tied down or locked into traditional structures, routines and lifestyle paths and are seeking new sources of inspiration, connection and support.
They will increasingly look to home and the spaces within it to flex and adapt with them and their changing needs and desires for connections based on shared passions and inspiration. Building a Life, Well Lived and Cultivating Connections are two of the critical consumer trends that are creating new opportunities in the home improvement marketplace over the next two to three years, according to the recently released, biennial HIRI Future of Home Improvement Trends Program.
For example, Millennials those likely in the early stages of marriage and family formation, without as many financial resources are particularly interested in home automation products and services (57%). Millennials are also more likely than others to seek help with home improvement projects from neighbors and community members and be open to borrowing or sharing tools or materials to complete their projects, suggesting opportunities for home-related technology to facilitate both home monitoring and sharing of resources.
Macro Drivers of Change
Understanding the broader, longer-term business context is key to managing future growth in the home improvement industry.
The HIRI Future Trends Dashboard provides an updated view of the key Social, Technological, Economic,Environmental and Political/Regulatory forces of change in the U.S. that will shape the future home improvement marketplace over the next several years. From the changing face of America to the rise of the automated home, these forces are shaping the evolution of consumer expectations and the ways in which the consumer trends are expressed in the home improvement market.
According to a 2013 Better Homes & Garden Real Estate survey: 64% of people would not consider living in a house without the latest technology capabilities; and 84 % of people say technology is an absolute necessity to have in homes.-Pam Heidel, Research Analyst, HIRI.
The Home Improvement Research Institute (HIRI) is a membership based, independent, not-for-profit organization of manufacturers, retailers, wholesalers and allied organizations in the home improvement industry. Its mission is to be recognized as the primary authority for effective, useful information about home improvement products and services in North America. For more information, visit HIRI on the web at http://www.hiri.org.
| 2/24/2015 12:00:00 AM