Press release
HomeAdvisor Releases Annual State of Home Spending Report Highlighting Home Services Spending Trends
Annual Report Explores Top Projects Completed During the Pandemic including Bathroom Remodels, Interior Painting Millennials are Spending the Most on Home
About this update from Angi Inc.
[{"type":"text","content":"Annual Report Explores Top Projects Completed During the Pandemic including Bathroom Remodels, Interior Painting\n Millennials are Spending the Most on Home Improvement Projects this Year\n\n\nDENVER, Nov. 16, 2020 /PRNewswire/ -- Today, HomeAdvisor, an ANGI Homeservices (NASDAQ: ANGI) operating company, released its 2020 State of Home Spending Report: The Year of the Home, which focuses on home spending and how COVID impacted home improvement, maintenance and repair projects this year. As Americans spend significantly more time in their homes, they are rethinking spaces and are making changes to accommodate their new lifestyles. \n\"This year, we found, in our annual survey, the average home services spending for households who took on projects rose to $13,138, an increase over last year's survey results, where homeowners who did projects spent $9,081 on average,\" said Mischa Fisher, Chief Economist, HomeAdvisor.\n\"This year's topline growth in spending and projects is a story of increasing costs of supplies, increasing cost of labor and homeowners shifting spending from things like entertainment and travel to their homes,\" continued Fisher. \"While the cost to do projects compared to last year did increase, we also found that homeowners were spending more as well. The acceleration of home buying this year and underlying drivers of consumer spending like shifting demographics, baby boomers renovating to age-in-place, millennials changing needs to raise their growing families, a greater cultural focus on home design and home entertainment, an aging housing stock and a shortage of new home construction - among many other fundamental factors – were already resulting in more spending on home improvement, home maintenance, and home emergency repair and also continued this year.\"\nHomes have always been important, but the once in a century global pandemic has fundamentally shifted the relationship we have with our homes. Those factors, combined with a shifting range of needs for households as a result of coping with COVID-19, such as 27% more outdoor living needs, 40% more home entertaining, 50% more working from home, and 68% more home cooking, resulted in a shift in spending patterns, with 33% shifting commuting budget, 48% shifting vacation budget, and 52% shifting restaurant budgets into home services. \nAdditional insights i...