Homeowners in the United States continued to invest in home décor throughout 2024, despite a notable decline in overall renovation spending, according to the latest U.S. Houzz & Home Study.
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Based on feedback from over 20,000 homeowners, the median spend on renovation projects dropped to $20,000, a 17% decrease from 2023. This decline was attributed to 'elevated borrowing costs and the rising prices of everyday goods and services,' noted Marine Sargsyan, staff economist at Houzz. Despite the reduced budgets, investment in smaller spaces grew, while major renovations such as large kitchens and bathrooms remained steady at $55,000 and $25,000 respectively.
While renovation budgets tightened, décor spending held firm. Large furniture purchases rose by four percentage points to 41% of respondents, ranking third in popularity after rugs (49%) and pillows and throws (45%). Artwork (41%) and small furniture (39%) also remained common purchases.
Outdoor space enhancements were undertaken by over half of the homeowners surveyed, with most completing two projects. Décor items frequently bought for outdoor areas included lighting (27%), large furniture (23%), small furniture (19%), pillows and throws (16%) and rugs (15%).
Millennials led in home decorating activity, with more than three-quarters undertaking such projects. This group also saw a rise in large interior furniture purchases to 48%, though their share of outdoor furniture purchases fell slightly to 24%. Gen X homeowners increased their outdoor furniture spending and were the most likely to embark on luxury projects, with the top 10% of spenders investing $150,000 or more.
Overall, while large-scale remodelling slowed, the data suggests homeowners continue to value home aesthetics, opting for impactful updates within tighter budgets.
Source: www.hfndigital.com