Author: Annette Malave, SVP/Insights, RAB
If you are a homeowner, you are most certainly familiar with the “honey-do” list. (If you are not a homeowner, it is a list of maintenance tasks that need to be done around the home.) Somehow, these lists never seem to end – the moment you cross one task off, another quickly takes its place.
Remodeling, renovating and repairing are all synonymous when it comes to home improvement. It requires tools, work, research and of course, the funds to get it all done. The home improvement industry experienced incredible growth during the pandemic, but that growth has abated slightly. According to a recent report by the Joint Center for Housing Studies of Harvard University, spending was lower ($472B) in Q3 2024 than in the same time period 2023 ($487B). However, they project a slight uptick for the third quarter of 2025 to $477B.
The planned projects and spending planned for 2024 varies. According to the 2024 Houzz and Home Study, over half of the homeowners surveyed (52%) planned to renovate in 2024 while over a third (33%) are repairing. When it comes to renovations, the top remodel project executed in 2023 was an interior room remodel with seven out of 10 doing so. Home system upgrades, exterior upgrades, outdoor upgrades and additions rounded out the remainder of the top five renovations for homeowners.
As the spend on home improvements grows, businesses serving this category should communicate the services they offer as well as the equipment and products they have available. Broadcast radio, a medium that reaches nearly nine in 10 adults who plan any home improvement within the year (per Scarborough), can be used to connect these businesses with their prospective next client.
Radio listeners are twice as likely to work on home improvement projects versus nonlisteners (40% versus 25%). Radio listeners are also large purchasers of home improvement goods per Provoke Insights. Provoke Insights, a full-service market research firm, conducted a 15-minute survey among 1,500 adults aged 21-65 about their home improvement preferences.
Per the research, 81% of radio listeners plan their home improvement purchases. Businesses in this category should focus their messaging, not just on those consumers who are currently involved with a home improvement project, but those who are in the planning stages. The closer consumers get to the renovation process, the faster they are to purchase the products they need. When it comes to home improvement, one third of the survey respondents made their purchase within days. The brands they purchased included their go-to brands (62%) versus new brands (38%).
Regardless of the size of the task on the honey-do list, consumers will seek out businesses that have the products they need or offer the services to help them complete that task on their list. Connecting consumers with those businesses requires a simple blueprint. Using a medium that builds reach can help home improvement businesses design a solid foundation to create that connection. With radio’s high reach and the listeners who tune in primed and eager to complete the tasks on those lists, it’s a medium to build any business on.
RAB members can view the full presentation as well as other studies here.