Four in 10 Luxury Consumers Plan Major Remodeling Projects
Aug 12, 2010
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A recent survey of affluents ($300k-plus) shows 4 in 10 will undertake a major home remodeling project in the next 18 months.
A new Unity Marketing report, Home is Where the Style Is, details trends affecting luxury consumers' home redecorating, remodeling, and home improvement projects. Unity's survey results indicates that the luxury home market is particularly strong right now. A majority of affluents (52%) surveyed were involved in a major home remodeling or decorating project in 2009 and first half of 2010 and they spent on average 40% more than home remodelers surveyed in 2008. An equal percentage plan to make home changes in the second half or 2010 and in 2011.
This report is the result of a special investigation into how affluents decorate and remodel their home, conducted in association with Unity Marketing's 2Q2009 Luxury Tracking Survey and was conducted July 3-8, 2010. A total of 1349 affluent luxury consumers were surveyed about their major home decorating projects in the past year. The average respondent income is $306.7k and net worth is $15.2 million; age 44.8 years; 45% male/55% female.
"In our research, we isolated four distinct personalities that make up the luxury home market," said Pam Danziger, president of Unity Marketing and the author of the report.
The Castle Keeper:
• Spare-no-expenses attitude toward shopping for their homes.
• Their home is their castle.
• They want their good taste to be recognized by peers, so they tend to buy showpiece brands and the most prestigious home items.
• Focused on home entertaining and pleasing guests.
• Will shop in a range of stores and product categories and consult a decorator/designer in an effort to make the best impression on guests at their homes.
• Takes pride in trying new ideas in the home; always hunting hunt for inspiration and new ideas to try.
• Would never think of hiring a designer or decorator, seeing the home as his/her own creation.
• This consumer is happy with his/her home just as it is.
• Style takes a back seat, because the home is about comfort – and this consumer demonstrates this attitude by making his/her biggest purchases in categories that demonstrate the need for comfort.
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