The home improvement market is constantly growing. By 2030, its size will reach $500 billion, making it the world’s third most valuable marketplace.
What’s driving this industry’s rise? Its players’ ability to attract more customers, form new partnerships, and cater to new demographics.
Furthermore, industry participants’ embrace of digital technology and their conviction that the era of extreme behavioral shifts has begun.
Want to find out more? Then keep reading. Below, we highlight the trends shaping the home improvement industry.
1. DIY Projects
There are many trends shaping the home improvement industry, but one of the most significant is the rise of do-it-yourself (DIY) projects. Homeowners are becoming more proactive in tackling home improvement projects themselves, and this is having a major impact on the industry.
In addition, homeowners look to save money by doing things themselves. This is especially true for small projects like painting or installing new fixtures, but also extends to larger projects like renovations and additions.
This trend is being driven by several factors, including the desire for greater control over home improvement projects, and the satisfaction that comes from completing a project. As DIY projects become more popular, the home improvement industry adapts to meet the needs of this growing market.
2. Flipping Homes
The trend of flipping homes is is shaping the home improvement industry. This is because more and more people are interested in buying homes that need repair and then fixing them up to sell for a profit.
There are several reasons why flipping homes is becoming more popular, such as the fact that it can be a relatively quick and easy way to make money. Additionally, flipping homes often require less capital than other types of real estate market.
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3. Social Media
In the past few years, social media has increasingly shaped the way homeowners discover and connect with home improvement professionals. Homeowners are now turning to social media for inspiration, referrals, and even to solicit bids for their upcoming projects.
As a result, many home improvement companies are making social media a key part of their marketing strategy. Some companies are using social media platforms to build a brand and connect with potential customers.
Others are using social media to generate leads and drive sales. Still, others are using social media to create a community around their brand.
As social media continues to evolve, so too will how home improvement companies use it to reach and connect with their target audiences.
You Can Be Part of the Home Improvement Industry
It’s hard to deny that the home improvement industry is booming. Homeowners are spending more money than ever before on making their homes more beautiful, comfortable, and efficient. As these trends continue to shape the industry, businesses that can provide homeowners with what they want and need will be well-positioned for success.
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