Home Improvement Projects: What does the Future Hold?
Homeowners' priorities and plans for home improvement are constantly evolving and influenced by a wide range of factors, not least the impact of interest rates and uncertainty caused by Government changes. However, the future for fenestration is looking increasingly bright, as uncovered by Keystone Market Research Director, Charlotte Hawkes, from the company’s latest consumer report findings for Glass Times August issue.
Understanding homeowners’ future plans and budget allocations for home improvements provides valuable insights into industry trends. Each quarter, our survey asks homeowners about their planned investments in various areas, including kitchen and bathroom remodelling, to gauge the likelihood of purchases in fenestration products versus competing projects.
More Projects, Higher Budgets
Our Spring results indicated an increase in homeowners planning home projects compared to Winter, and the volume remained the same in the latest Summer results, as well as a positive increase in budgets for all home improvement areas. Encouragingly for the fenestration industry, new windows emerged as the most popular improvement in the Spring results.
Extended Timelines
Hot off the press, the Summer results have revealed that while the volume of planned home projects remains stable overall, the timelines have extended and these projects are now planned by fewer homeowners. Some have pushed projects further out, with less planned within the immediate short-term and an increase in longer-term plans. Despite this shift, planned spend is highest within the 2-5 year timeframe.
Kitchen and Bathroom vs. Fenestration
A significant change in the Summer result has been the increased proportion of planned kitchen and bathroom projects in the short to mid-term, demonstrating the seasonality of fenestration interest. However, in the 6 to over 10-year timeframe fenestration projects, particularly replacement windows, become a higher priority. This shift suggests that while immediate focus might be on kitchens and bathrooms currently, fenestration remains a key long-term investment.
Budgets on the Rise
Positively, in our latest survey and for the first time this year, homeowners are indicating an increase to their budgets for home improvements in 2024 compared to 2023 - 26% of homeowners said they had increased their planned spend, whereas only 10% had decreased their budget and 46% had kept it the same. Previously we had expected a flat year, and this gives renewed hope for a busier end to the year.
Opportunities for the Fenestration Industry
These results offer a promising outlook for the fenestration industry. Despite the shifting timelines and competing priorities, the increase in overall budgets and the sustained interest in fenestration projects indicate sizeable opportunities remain. Homeowners are increasingly recognising the value of fenestration not just as a necessity, but as a lifestyle choice that enhances their homes.
For more detailed insights and trends, our latest Summer Keystone Consumer Fenestration Trends report is now available, including our special feature on smart home technology. Visit www.keystonemr.co.uk/marketreports for more information.
