RENOVATION ACTIVITY REMAINS STEADY: Homeowners tackle an average of three rooms per project, with more than one third of homeowners renovating kitchens (33 percent). Living rooms, guest bathrooms, master bathrooms and master bedrooms are also common projects (28, 27, 25 and 25 percent respectively).
RENOVATION ACTIVITY DRIVEN BY YOUNGER GENERATIONS: Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three quarters of the renovation activity (78 percent), at a median spend of ₹3,00,000 and ₹2,50,000, respectively. Similar to expectations from previous years, 26 percent of homeowners planned to continue or begin renovations this year, with 41 and 35 percent of Millennials and Gen Xers, respectively, anticipating new projects.
MOTIVATIONS FOR RENOVATION: As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovation are to stay in their current home or area, outranking return on investment. Wanting to stay in the current home is
the biggest decision driver for Gen Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalised home that fits their vision.
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RENOVATION ACTIVITY DRIVEN BY YOUNGER GENERATIONS: Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three quarters of the renovation activity (78 percent), at a median spend of ₹3,00,000 and ₹2,50,000, respectively. Similar to expectations from previous years, 26 percent of homeowners planned to continue or begin renovations this year, with 41 and 35 percent of Millennials and Gen Xers, respectively, anticipating new projects.
MOTIVATIONS FOR RENOVATION: As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovation are to stay in their current home or area, outranking return on investment. Wanting to stay in the current home is
the biggest decision driver for Gen Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalised home that fits their vision.
Download the Full Report