NEW YORK, Oct. 31, 2011 /PRNewswire/ -- Despite the current turmoil in the housing market, there is an enduring, robust opportunity for growth in the home improvement market according to new findings from a national survey released today by the Meredith Corporation (NYSE: MDP; www.meredith.com), the leading media and marketing company serving American women.
Completed in fall 2011 by The Futures Company, a nationwide survey of 2,500 Americans, found that despite the downturn in the U.S. housing market, there has been no erosion in consumer's belief in what home represents—a good investment, a source of pride and accomplishment, and for non-homeowners, something to aspire to. In addition the survey includes the following highlights:
- 86 % of homeowners polled still feel owning a home was a good investment.
- 85 % say they feel, "owning a home is one of their proudest accomplishments."
- Of Americans that don't currently own a home, 69 % agree, "No matter what happens in the U.S. housing market, owning a home is still an important goal in my life."
The survey also shows that most consumers are not waiting for the housing market to bounce back before considering home improvement projects. In fact, 2 in 5 consumers (41%) report they are currently saving some amount of money to make changes to their home.
- 71% of those polled have spent money on their home in the past 12 months. And of those, 68% said they spent about the same or more than they spent prior to the recession.
- 68 % of Americans plan to spend money on their homes in the next six months, with roughly half (49%) expecting to pay up to $1,000.
The survey indicates that while consumers are still in the market due to the necessities of repair and replacement (42% had to replace something no longer working in their home over the past year), their spending threshold has shifted.
Among the 40% of consumers who feel they aren't currently saving enough for home projects, personal financial constraints and other important spending priorities are the barriers to saving more—not concerns about the state of the housing market.
Furthermore, the survey indicates there has been a downward shift in home project size. Of those polled, only 17% expect to spend more than $1,000 in the next six months.
The national online survey of 2,500 U.S. citizens was completed by The Futures Company from August 5 through August 7. The survey has a 95% confidence level with a margin of error of +/-1.96 percentage points.
About Meredith Corporation
Meredith Corporation (NYSE: MDP; www.meredith.com) is the leading media and marketing company serving American women. Meredith features multiple well-known national brands – including Better Homes and Gardens, Parents, Family Circle, Ladies' Home Journal, Fitness, More and American Baby – along with local television brands in fast-growing markets. Meredith is the industry leader in creating content in key consumer interest areas such as home, family, health and wellness and self-development. Meredith uses multiple distribution platforms – including print, television, online, mobile, tablets, and video – to give consumers content they desire and to deliver the messages of its advertising and marketing partners. According to the Advertising Industry Reports (AIR) survey of over 1,500 agency and marketing professionals, Meredith is the nation's "Highest Rated Media Company." Additionally, Meredith uses its many assets to create powerful custom marketing solutions for many of the nation's top brands and companies. Meredith has significantly added to its marketing solution capabilities in recent years through the acquisition of cutting-edge companies in areas such as digital, mobile, word-of-mouth, social and database marketing.
SOURCE Meredith Corporation