Industry experts have seen a considerable change in homeowner behavior in the past few years. This is especially true for the years 2020 and 2021.
Believe it or not, the revenue generated by home improvement businesses is over $400 billion. Not only this, the growth is projected to reach a $510 billion mark by 2024. That’s certainly a lot more than any other industry.
One of the prominent reasons for this is that homeowners have now realized how imperative it is to keep up with home improvement projects. This allows them to live in a comfortable and functional space, keeping their home’s value intact.
Thus, it wouldn’t be wrong to say that if you consider stepping into the industry, it would be nothing but a profitable choice for you. And here in this article, we have added some points to prove that home improvement is at its boom now more than ever.
Keep reading to learn more about the dynamics of the industry.
Remote and hybrid workspaces are driving its growth
During the pandemic, it has been noticed that there is a huge correlation between the remote working culture and the industry’s projected growth. Companies like Easy Reno, are always busy with kitchen remodels, as so much more time is spent in kitchens now as people work from home.
Today, working professionals have been using their homes a lot differently than ever. Since they are confined to their homes, they have a huge amount of time to see the flaws and shortcomings around them.
This is why homeowners are paying more attention to improving the potential flaws in their homes. It allows them to work in a functional and sound space. Due to this, the growth graph of the home improvement industry is rising at a huge pace.
Kitchen and Bathrooms remains on the priority list
Needless to say that the kitchens and bathrooms are one of the most used areas of every home. This makes them vulnerable to various plumbing and structural problems.
In fact, according to Front Office Solutions, the most popular emergency plumbing services include heater repair, drain cleaning, fixture repair or replacement, and worst of all, leakage repair.
The experts have also noticed that since many people were confined to their homes during the pandemic, they also undertook several DIY renovation projects. But not everyone is well-versed with using the tools and methodologies. This, in turn, is paving the way for several other problems and an increase in the number of emergency calls.
That’s why, if you are planning to step into the industry, it would be really profitable if you offered emergency plumbing or other home improvement services.
Smart homes are so much in demand
Thanks to technological advances, homes are now equipped with the latest and efficient innovations. These include motion sensor lights, smart HVAC systems, and many more.
In order to keep such technological innovations in top-notch condition, you need to keep with their maintenance schedule.
That’s why focusing on the renovation and maintenance of such innovations can be an added advantage for your business.
You can also consider providing eco-friendly home improvement solutions to gain the upper hand in the competition.
To sum it all up,
By keeping the points mentioned above in mind, it would be safe to say that your decision to be a part of the home improvement industry could turn out to be profitable for you.