By Joanne Friedrick, Research editor
A new coat of paint, the addition of a piece of accent furniture, some updated wall art — it all adds up to become part of a larger redecorating budget for consumers, many of whom plan to spend between $2,000 and $4,999 on their home décor in a year’s time.
A recent Furniture Today Strategic Insights study found 26% of all respondents — with little variation by age group — plan to spend that amount over a 12-month period beginning in mid-2021. Another nearly 40% of consumers expected to commit between $500 and $1,999, again, fairly evenly distributed by generation.
Meanwhile, at 11%, Baby Boomers are the most likely to ante $10,000 or more when sprucing up their homes. Boomers, however, also topped the list for forecasting a budget of less than $500 vs. their Millennial and Gen X counterparts.
When sorted by who is doing decorating projects overall, Boomers (24%) were the least likely to do them among the 67% that said they plan to do some level of redecorating, while Millennials, at 38%, just edged out Gen Xers.
In contrast, looking at who did home renovations in 2020, the 2021 Houzz & Home Study showed Baby Boomers accounted for just more than half of home-related projects (52%), while Gen X claimed 32% and Millennials 12% of the pie.
Although it’s not surprising that homeowners would be more likely to invest in redecorating tasks on a large scale given the investment already made in their property, the Furniture Today survey found 3% of renters were planning to spend $10,000 or more on furnishings and updates in the coming months.
Men were also more bullish on spending big with 11% of male respondents vs. 7% of female ones putting their décor budget at $10,000 or more.
About the data
Furniture Today Strategic Insights fielded an online survey in June and July 2021 to a nationally representative sample of 754 consumers to assess their shopping preferences when it comes to buying home furnishings. For additional information about the survey, please contact Joanne Friedrick, research editor, at [email protected]