James Hardie’s latest poll shows majority of homeowners cite issues of extreme weather and the desire to protect their home from the elements as a major factor in home improvement choices
Millennials and parents fuel the home improvement boom
The survey also found that homeowners were turning their attention to the exterior of their home, recognizing the return on investment in exterior improvements and improvements in curb appeal.
CHICAGO, January 4, 2022 / PRNewswire / – James hardie industries plc (ASX: JHX; NYSE: JHX), the world’s leading producer and distributor of high-performance fiber cement building solutions, has released the results of a nationwide survey of 1,000 US homeowners, revealing the driving forces behind the construction boom. home renovation during the COVID era. Conducted by Wakefield Research, the survey results illustrate the impact homeowners’ concerns about extreme weather conditions have on their home improvement spending and choices. The survey also reveals strong demand for home exterior renovations and clear demographic trends among US homeowners, with parents and millennials driving the home improvement demand, surpassing all other demographics.
Reliable Protection: Extreme Weather Conditions Affect Home Design Choices
A large majority (76%) of homeowners said their renovation plans were affected by the possibility of extreme weather conditions. A majority of homeowners (54%) also said the possibility of extreme weather events had strongly or somewhat influenced their home improvement decisions, an influence based on real-life experience. Almost half of homeowners (47%) said they or someone they know had repaired or renovated their home following extreme weather conditions. For owners who have personally experienced a weather-related renovation, it was mainly exterior work: 75% of these owners renovated the exterior of their home.
“The impact of climate change and extreme weather on home design and spending has been something we’ve been watching closely for several years now. Homeowners seek to protect their homes and their families inside these homes. At James Hardie, we believe our products provide that confidence protection, ”says Fran flanagan, Consumer Insights Manager at James Hardie. “Fiber cement siding is non-combustible and provides superior protection against the elements, such as flood, wind and fire. We have seen a marked increase in the number of our consumers choosing Hardie® siding to better protect their homes from the elements.
Demand for fresh exteriors in the renovation market
The pandemic has forced many people to spend more time at home, causing homeowners to re-evaluate the exterior of their homes. A surprising 70% of homeowners said their home’s exterior needed a facelift, with 59% of homeowners wanting to improve their home’s exterior (including 77% of parents).
According to the leading indicator of renovation activity (CRI), annual gains in home improvement and maintenance spending are expected to accelerate in the second half of 2021 and remain high until mid-2022.1. James Hardie’s study confirms this trend: 87% of homeowners say they want to continue renovating in 2022.
Who is driving the demand? The survey found that parents and millennials renovate disproportionately; and demand is not expected to decline this year. Millennials were the most likely (75%) to have done renovations in the COVID era, and they spent more – $ 40,600 vs $ 10,000 for generation X and $ 11,000 for baby boomers. In a tight real estate market, this new generation of homeowners view first-time home buying as a long-term investment and homes forever. And perhaps due to distance learning needs, 4 in 5 parents (80%) have done renovations compared to just 52% of homeowners without children.
The woman owner + endless design possibilities
When it comes to renovations, married owners love to be in charge. Among owners with a partner or spouse, 59% said they were more likely to manage conversations with entrepreneurs. But while women often shoulder the burden of household maintenance disproportionately, they are less likely to be involved in these conversations. Only 36% of female partners said they would take care of conversations with entrepreneurs, far less than the 82% of male partners who said they would. But perhaps men shouldn’t be so confident: Among those who carried out renovations during the COVID era, men were significantly more likely (29%) to regret at least one renovation (vs. 20% of women). In fact, men were more than twice as likely (21%) to regret multiple changes (compared to just 10% of women).
“These fascinating findings regarding the difference in feeling between women and men after the renovation really validates our company’s deliberate decision to move towards a female-focused mainstream marketing strategy, allowing them to realize the outdoors. their dreams with reliable protection and endless design possibilities, “noted Amy Lamparske, chief digital officer and vice president of marketing at James Hardie.
Homeowners want to own their home and want the world to see it. The importance of design choice for consumers is evident in the openness of brightly colored homeowners: the survey found that nearly 3 in 4 (73%) are willing to use bright colors on the exterior of their home. their home, especially millennials (88%).
“We constantly hear from homeowners that they are tired of ‘living with’ the current siding in their home. This desire for new designs is reinforced by the fact that, according to our survey, most consumers (89%) agree that exterior renovations provide a return on their investment, ”continued Lamparske. “As we evolve into a consumer-centric brand, we seek to inspire the homeowner to see the choices and possibilities that exist in the world of home exteriors. “
While the majority of COVID-era renovations were done indoors, homeowners still recognize the importance of investing in curb appeal. This consumer demand for fresh, modern exteriors that enhance curb appeal drives James Hardie’s continued investment in innovation to transform the way the world is constructed. Most recently, James Hardie made his debut Hardie® Textured Panels, marking the creation of a whole new category in home exteriors.
Source: The James Hardie survey was conducted by Wakefield Research of 1,000 nationally representative US homeowners of single and multi-family homes. between October 4 and October 12, 2021.
James hardie industries
James Hardie Industries (ASX: JHX; NYSE: JHX) is a global leader in premium building solutions that deliver lasting beauty and endless design possibilities with reliable protection and low maintenance. The world’s leading producer and distributor of high performance fiber cement and gypsum fiber construction solutions, James Hardie offers siding and accessories for all styles. Extended Hardie® products allow homeowners and building professionals to make their dream home a reality. The company has pioneered the technology of fiber cement construction products made from sustainable raw materials and continues to invest in innovation to transform the way the world builds. James Hardie operates with an inclusive corporate culture and an unwavering commitment to Zero Harm. James Hardie employs a diverse global workforce of approximately 5,000 employees across all operations of North America, Europe, Australia, New Zealand, and The Philippines.
For more information and media resources, visit JamesHardie.com and JamesHardie.com/about-us/media-resources./about-us/media-resources. For more investor information, please visit ir.jameshardie.com.au.
This press release contains forward-looking statements and information which are necessarily subject to risks, uncertainties and assumptions. There are many factors that could cause actual results, performance or achievements of James Hardie to differ materially from those expressed or implied in this press release, including, among others, the risks and uncertainties set forth in section 3 “Risk Factors” from James Hardie’s Annual Report. on Form 20-F for the fiscal year ended March 31, 2020; changes in general economic, political, governmental and business conditions around the world and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction in general; changes in demand and prices for cement; changes in the prices of raw materials and energy; changes in business strategy and various other factors. If one or more of these risks or uncertainties materialize, or if the underlying assumptions turn out to be incorrect, actual results may differ materially from those described in this document. James Hardie assumes no obligation to update or correct any information in this press release, except as required by law.
This press release has been authorized by Mr. Jason miele, Financial director.
James Hardie Industries plc is a limited liability company incorporated in Ireland headquartered at Europa House, 2nd Floor, Harcourt Center, Harcourt Street, Dublin 2, D02 WR20, Ireland
View original content to download multimedia:https://www.prnewswire.com/news-releases/james-hardie-survey-reveals-driving-factors-in-home-renovation-boom-extreme-weather-and-millennial-spending-301453241.html
SOURCE James Hardie Industries