Modernize.com, a leader in the home improvement and home services industry, announces the results of a recent survey assessing homeowner plans for renovation projects this winter. The survey, conducted during September and October, collected information on holiday travel and home improvement plans, as well as budgets and financing, during the COVID-19 pandemic.
“We see that interest in home improvement projects appears higher than usual heading into this winter,” said Cassie Morien, homeowner insights analyst for Modernize. “With limited travel planned amidst the pandemic, homeowners appear to be shifting funds away from plane tickets and hotels and instead envision renovating their properties to make them more comfortable and energy efficient.”
Modernize’s report, available in a downloadable ebook, reflects information from more than 5,000 consumers. Results show the following holiday and winter season plans:
- 76% of homeowners will not travel this holiday season
- 28% will conduct exterior home improvement projects
- 48% of survey respondents expect to spend between $1,000 and $10,000
- 11% of homeowners budget more than $10,000
- 39% of respondents are prepared to pay with cash
- Of those seeking financing, 96% will try to borrow 50% or more of expected project costs
Homeowner survey data is summarized in an ebook titled “Weathering the Off-Season.” This ebook covers COVID-19’s impact on homeowners, holiday spending plans related to home renovations, marketing during the off-season, remarketing to cold leads and staying safe while working indoors this winter.
