Homeowners Spending More in 2012
According to several new reports, homeowners have begun to increase their spending on home remodeling. This trend is expected to continue through this year and into next year. Compared to the last 12 months, homeowners have already started to spend more on home improvement goods.
NPD, who studied the sales of home improvement goods, is a market research firm that tracks consumer spending. NPD noticed a 5.3% up tick in sales of home improvement goods compared to the previous 12-month period. In fact, 83% of the categories they followed made gains during the same period.
Interior lighting (up 6.1%), faucets (up 15.4%), and shower heads (up 16.3%) werea among the areas that saw the largest sales increases nationwide.
Studies from American Express are also predicting an increase in home improvement in the U.S. for the rest of 2012. They note that 70% of homeowners are planning to improve their homes in 2012, as opposed to only 64% in 2011.
All of this movement is good news for the recovering housing industry. For more information about NDP see their website, and for more information about the American Express study, see the study overview.