Lightstream Survey Considered in Freedonia Group Analysis of Remodeling Trends

Home Improvement Spending Expected to Rise in 2018

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Mar 26, 2018, 10:37 ET

CLEVELAND, March 26, 2018 /PRNewswire/ -- According to the 2018 Lightstream Home Improvement Survey, strong advances are expected to be posted in home improvement spending this year, with nearly 60% of US homeowners planning a remodeling project. This is not surprising, given:

The current high level of consumer confidence in their economic prospects – making homeowners more likely to commit to potentially expensive home renovations
Rising home values that will encourage homeowners to take out home equity lines of credit to fund home improvements
Passage of the Tax Cuts and Jobs Act that preserved deductions allowing homeowners to write off the expenses for a number of home improvement projects

Kitchen and Bathroom Remodeling Will Account for a Significant Share of Home Improvement Spending

As indicated in the Lightstream survey, nearly one in three homeowners plans to remodel a bathroom in 2018, while more than a fourth intend to undertake a kitchen renovation this year. Home Kitchen & Bathroom Remodeling, a new Freedonia Group study, highlights these segments of the US home improvement industry – segments that account for about 25% quarter of all US spending on home improvement projects.

Access the study here: https://www.freedoniagroup.com/industry-study/home-kitchen-and-bathroom-remodeling-in-the-us-by-product-and-room-3604.htm

Renovating and Adding Bathrooms Will Remain a Popular Home Improvement Project

Bathroom renovations are among the most common home improvement projects. Some homeowners will renovate existing bathrooms to make them more senior-friendly or to create master bathrooms that add value and luxury to a residence, while others will add bathrooms to modernize their homes while enhancing convenience and boosting resale values. Bathroom remodeling projects can include:

Adding toilets and showerheads that meet WaterSense criteria for water efficiency
Installing such senior-friendly products as walk-in tubs and elevated toilets
Adding "his-and-her" vanities to make bathrooms more convenient
Changing the look of a bathroom by removing a bathtub or installing high-end soaking tubs
Installing radiant flooring heating to enhance underfoot comfort
Using engineered stone counter and vanity tops to create more visually appealing surfaces

Kitchen Remodeling Spending to Continue to Rise

Freedonia expects spending on kitchen renovations to post solid gains through 2022. For many Americans, the kitchen has become the focal point of the home, a place for not only preparing meals but for hosting family gatherings, entertaining guests, and even serving as a home office. To better accommodate the many roles of a kitchen in the modern home, many consumers will embark on kitchen renovation projects going forward, opting to:

Increase the size of their kitchens
Install more and larger cabinets to provide additional storage space
Add kitchen islands to facilitate meal preparation
Install undercabinet lighting to provide task lighting for meal preparation and to improve the visual appeal of a kitchen
Lay down flooring – such as LVT or porcelain tile – to recreate the look of wood or stone for less cost
Install high-value countertops to impart a more luxurious appearance

For more information about the growth prospects for kitchen and bathroom renovations in the US, check out the new Freedonia Group study TFG#3604 Home Kitchen and Bathroom Remodeling.

About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building Products studies can be purchased at https://www.freedoniagroup.com/, www.marketresearch.com and www.profound.com.

Press Contact:
Corinne Gangloff
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SOURCE The Freedonia Group