Door and window manufacturers and dealers have reported on the health of the renovation market for months now, and another research arm, Modernize.com, released data that also corroborates the fact that homeowners are spending money on home improvement projects, even during COVID-19.

The homeowner survey assessed holiday travel and home improvement plans, as well as budgets and financing, during the pandemic. The results prove that consumers are putting off travel in favor of taking on new or continuing home improvement projects.

Following are a sampling of the results:

●       76% of homeowners will not travel this holiday season;
●       55% of homeowners plan to begin or continue home improvement projects this winter;
●       28% will conduct exterior home improvement projects;
●       48% of survey respondents expect to spend between $1,000 and $10,000 on their projects;
●       11% of homeowners budget more than $10,000;
●       39% of respondents are prepared to pay for their home improvement projects with cash; and
●       Of those seeking financing, 96% will try to borrow 50% or more of expected project costs.

“Enthusiasm for home renovation projects appears higher than usual as winter approaches,” says Cassie Morien, homeowner insights analyst for Modernize. “With many avoiding travel during the pandemic, consumers may shift funds away from plane tickets and hotels and into improving their homes for comfort and energy-efficiency.”

The webinar may be viewed here.

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