sizing up the home improvement boom

Home superstores are the top destination for 55Vo of consumers shopping for home items and supplies, up from 38Vo last year, according to the annual American Express Retail Index survey.

Hardware stores (187o) were second, followed by lumber yards (16%o), department stores (l2%o) and home furnishings/decorating stores (l 17o). The top reasons for choosing a home retailer were: fair prices (69Vo), selection (SOVo), quality merchandise (49V0), helpful, knowledgeable salespeople (23Vo), and convenient location (ZlVo).

Overall, 3lVo of consumers are planning some form of home improvement this year. Top projects include renovation/remodeling (33Vo), interior decorating (3lVo), landscaping (l8Vo), mandatory maintenance (l8%o), gardening (16%o), expansion (l2%o), exterior decorating (l2Vo), and restoration (47o).

A change in personal taste was cited by 42Vo as their primary morivation for making home improvements, far ahead of maintenance (32Vo), need for more space (l lVo), and increasing their home's resale value (l|Eo).

More than one-third surveyed (34Vo) say they plan to refurnish at least one room this year. Most common is the living room (462o), followed by the master bedroom (22Vo), dining room (l7Vo), den/family room (l6Vo), kitchen (l2%o), child's bedroom (87o), guest bedroom (7Vo), bathroom (SVoVo), basement (4Vo), and sun room/porch(3Vo).

Two-thirds of consurners (66Vo) say they plan to undertake home improvement projects themselves. However, when asked if cost were no object, 52Vo would hire an outside contractor, while only 357o would still do the work themselves. The number of women who said their spouse would be performing the work this year (44Vo) dropped to only l2%o when asked the same question.

While men are the most likely doit-yourselfers (78Vo), more than half of women surveyed (54Vo) say they are planning to do the work themselves. Nineteen percent say they are getting help from friends, neighbors and relatives, whrle 26Vo plan to hire a professional conhctor.

One in five will purchase special tools or equipment for their project.

Consumers are sening higher budgets this year compared to 1996, with the average budget set at $2,660. Close to halt (45%) of rhose planning home improvements in 1997 say they will spend $1,000 or morc, up7%. Overall budgets are based on planned projects, with 19% saying they will spend up to $500, md t6% budgeting $5,000 or more, up SVo from 196.

In addition, 1997 saw a 6% shift away from cash to credit cards, which was cited by lSVo of respondents as the way they would pay for home rmprovement expenses.

Part of the attraction of credit cards comes from the growing number of consumers enrolled in credit card reward programs, as nearly one in five credit card usen (19%) say having a credit card linked to a reward program influences their usage of that card.

4nE Hardware Week Gets New Name

To more accurately reflect their global scope, the programs and events of the National Hardware Show and the National Building Products Exposition will be held in conjunction with the newly renamed International Hardware Week.

Known for more than two decades as Hardware Industry Week, the events take place this year Aug. 10-13 in Chicago, Il.

The event will be previewed rn Expo Preview, a fullcolor special section in the August issue of Bailding Products Digest.

Panel Associations Merge

The 37-year-old National Particleboard Association and the 2O-year-old Canadian Particleboard Association have merged into the Composite Panel Association.

The group, consolidated in response to members' growing multinational interests and a changing marketplace spurred by NAFTA and GATT, consists of 31 producers representing over 85Vo of U.S./Canadian particleboard and MDF production. Membership is also now open to composite panel producers in Mexico.

CPA will maintain a principal office in Gaithersburg, Md., and a Canadian office in Montreal, Quebec.

lnsulation Sales On A Roll

Global demand for thermal and thermo-acoustic insulation materials is forecast to rise an average 570 annually to over $17 billion in the year 2000, according to the Freedonia Group.

The growth will be propelled by the development of more efficient and environmentally friendly products and by the diffusion of new materials into the product mix.

Foamed plastics will enjoy the strongest gains, comprising over 4OVo of world insulation value in the year 2000, or almost $7 billion. Nevertheless, fiberglass will continue to lead the world insulation market, despite below average growth.

New Internet Site For Dealers

A new Web site offering listings of building material merchants, manufacturers and products is now on line.

Designed by Triad Systems Corp. as a resource for lumber and building material dealers, www.homeimp.com also features links to other industry sites, a hot tip of the week, and the Idea Cafe, an interactive chat line.

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