How to Stay on Top of the Home Improvement Industry Trends in August 2023
If you are a homeowner looking for a new deck, home addition, basement remodel, window replacement, door replacement, or garage renovation, you might be wondering what are the latest trends in the home improvement industry and how to take advantage of them.
1. Age Demographics are Approaching a Tipping Point
Baby boomers still have a clear lead in terms of home improvement spending, but millennials and Gen Z are catching up fast. This means that you should consider the preferences and needs of different generations when planning your home improvement projects. For example, millennials and Gen Z tend to value sustainability, smart technology, and personalization more than older generations. They also prefer smaller and more efficient homes that can adapt to their changing lifestyles.
2. The Reviving Economy is Driving Home Improvement Spending
As the economy recovers from the pandemic, homeowners are feeling more confident and optimistic about investing in their homes. Forbes reports that home remodeling spending is expected to grow by 4.8% in 2023, reaching $433 billion. This is driven by factors such as low interest rates, high home equity, and increased demand for housing. However, homeowners should also be aware of the challenges posed by inflation, supply chain disruptions, and labor shortages that can affect the cost and availability of materials and contractors.
3. Outdoor Living Spaces are in High Demand
With more time being spent at home, homeowners are looking to maximize livable space wherever possible, including outdoors. The Spruce predicts that projects like decks, patios, and gardens will be big in 2023 as homeowners look to create comfortable and functional outdoor living spaces. Some of the popular features for outdoor living include fire pits, outdoor kitchens, pergolas, lighting, and landscaping. Outdoor living spaces can also increase the curb appeal and value of your home.
4. More Homeowners are Getting “Smart”
Smart home technology is not a new trend, but it is becoming more accessible and affordable for homeowners. U.S. News notes that smart home devices can help homeowners save energy, improve security, enhance convenience, and monitor health. Some of the most popular smart home devices include thermostats, cameras, doorbells, locks, lights, speakers, and assistants. Smart home technology can also integrate with other systems in your home, such as HVAC, plumbing, and electrical.
5. Home Offices are Here to Stay
With more and more people working from home on a regular basis, experts expect home office renovations to be big in 2023. The Spruce3 says that this may include anything from building a dedicated home office space to simply upgrading an existing workspace to make it more comfortable and functional. Some of the key features for a home office include natural light, ergonomic furniture, storage space, soundproofing, and internet connection. Home offices can also be used for other purposes such as hobbies or education.
These are some of the top home improvement industry trends that you should keep an eye on in August 2023. If you are interested in any of these projects or have any questions about them, feel free to contact us at Quality Homes of Rochester. We are a trusted and experienced home improvement company that can help you with any of your needs. Whether you want a new deck, a home addition, a basement remodel, a window replacement, a door replacement, or a garage renovation, we have the skills and expertise to make it happen. Contact us today for a free estimate!