1、HOUZZ UK2024 Houzz&Home UK2024 UK Houzz&Home Study|Houzz Inc.2Homeowners spend more on renovations despite slight dip in activity Renovation spend has surged in the last three years,as median spend*increased 13%from 15,000 in 2020 to 17,000 in 2023.The top 90th percentile of spend also doubled to 20
2、0,000,from 100,000 in 2020.While renovation activity remains consistent with 48%of homeowners having taken on a renovation project in 2023,this is down a percentage point from last year.Gen Xers lead in median spend,while Baby Boomers drive renovation activity Gen Xers*spent the most on renovation p
3、rojects for the second consecutive year,with their median spend at 22,000,compared with Millennials and Baby Boomers at 15,000 and 16,000,respectively.The top 10%of spenders in these groups allocated substantial budgets,with Gen Xers at 200,000 and Baby Boomers at 180,000.While Gen X leads in spend,
4、Baby Boomers continue to drive renovation activity(54%),followed by Xers(34%)and Millennials(12%).Homeowners hire pros for help with their projects Nearly all renovating homeowners enlisted the help of a home professional in 2023(93%),with specialty service providers such as electricians(59%),and pl
5、umbers(52%),hired most frequently.Cash is king,but credit card usage jumped Cash from savings continues to be the most common form of funding for renovation projects(86%),followed by credit cards and cash from a previous home sale(18%each).Credit card usage jumped 7 percentage points in 2023(10%in 2
6、022).Bathrooms lead in project activity Bathrooms continue to lead as the most commonly renovated interior room(29%),closely followed by kitchens and living rooms(26%each).Following last years significant jump in median spend for bath and kitchen projects,these renovations saw increases of 39%and 16
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