how home services companies can adjust strategies accordingly.
Today’s homeowners have different priorities. A notable 65% of millennials are drawn to smart home technology, compared to just 25% of baby boomers. Home services must recognize and cater to these tech-forward demands.
A staggering 80% of new homeowners in 2023 initiated their home search online. With the proliferation of virtual home tours and online platforms, home services can leverage digital tools to showcase their offerings and reach a broader audience.
With millennials grappling with an average student loan debt of $30,000, their purchasing decisions are impacted. Home services companies can appeal to this demographic by offering flexible payment options and discounts.
DIY home improvement sales have skyrocketed by 45% in the past decade. Home services can tap into this trend by offering DIY-friendly products or consultation services for those keen on DIY but needing expert guidance.
Modern homeowners prioritize amenities like gyms, parks, and community centers. Home services can promote community-enhancing services, from landscaping to security installations.
Eco-friendly home features can elevate a home’s value by up to 9%. Home services specializing in energy-efficient installations and repairs are poised to benefit from this trend.
A mere 20% of millennials search for a “forever home,” contrasting with 60% of their parents. Home services can cater to this shift by offering modular and customizable solutions that adapt to changing homeowner needs.
The smart home market will hit $135 billion by 2025. Home services can capitalize on this by integrating or collaborating with smart home technology providers.
On average, homeowners now earmark $15,000 for home renovations. Home services can position themselves as the go-to experts for both minor tweaks and major overhauls.
With nearly 90% of homeowners navigating online platforms for mortgage applications, home services should bolster their online presence, ensuring they’re easily discoverable to the modern homeowner.
As homeownership dynamics evolve, home services companies must stay agile and responsive. By understanding these trends and recalibrating their approach, they can effectively cater to the modern homeowner and secure a robust foothold in the market.
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