You can equally target your customers on the type of goods they are likely to buy at their stage of life and the buying cycle: e.g. Beds and Furniture
Research, from the Q1 2023 Property & Homemover Report from property data analytics specialist TwentyCi, reveals that homemovers are predicted to spend £1.1b on beds and furniture over the next 12 months. Colin Bradshaw, CEO at TwentyCi, comments: “..new owners in the UK spend £1.1bn on beds and furniture..”
The consumer Company Houzz carries out regular annual surveys of their customers. Their 2021 survey of home renovators found the following:
The Home renovation spend in the UK was recorded to be an average spend of £15,000 per household in 2021. They noted that higher budget projects (the top 10%) reached £100,000 or more in 2020– Our Platinum segment is most likely to reach these levels of budget spends.
Houzz also reported on spending trends on essential household items:
Kitchens
Two thirds of renovating homeowners made major changes to their kitchens, such as changing the layout of the kitchen and over half made upgrades to plumbing, electrical or heating (64% and 63%, respectively). Two in five homeowners increased the size of the kitchen and reframed, moved or added walls during renovations (44% and 42%, respectively).
(The property homemover data company Twenty Ci stated £4bn was spent on kitchens in UK per annum)
Paint and Décor
The Houzz survey revealed 51% of homeowners planned to renovate their new home within the move-in year. More than half (56%) of renovating homeowners i.e. 28% of all new homeowners planned to decorate or furnish their homes.
Gardens
The Houzz customers surveyed showed that outdoor projects have increased in popularity over the past years, (since Covid) with 2020 showing a thirteen percentage point increase (60%) among renovating homeowners.