By the end of 2018, Americans are likely to spend more on their homes than on their groceries, according to a new report.
A report by research firm Mercer’s Consumer Insights Group found that spending on home furnishments has increased by nearly a quarter since 2008, when prices for these products first began to climb.
The study also found that the average price of a home remodeled over the past five years has risen to $400,000.
And that doesn’t include the $200,000 the average person spends on a second home.
The rise in home remodeling is partly due to consumer trends, such as the rise in online sales, which have driven the growth of the home remodelling industry.
Mercer’s report says that remodeling has been on the rise for more than a decade and that this trend could continue into the future.
According to Mercer’s analysis, the number of remodeling jobs in the United States rose nearly 40% from 2012 to 2016, and the number rose an additional 13% between 2016 and 2020.
More than half of the jobs that were created in 2016 were in the home renovation industry.
And, Mercer says, home remodel jobs have risen even faster in the past two years than the number jobs in other sectors.
Mercer is projecting that home remodels will account for nearly 10% of the U.S. economy in 2023, up from about 5% in 2020.
Mercer says that more and more people are choosing to renovate their homes as opposed to replacing them with new homes.
The majority of the remodeling industry, however, is dominated by the home maintenance industry, with an estimated $1.3 trillion in revenue.
And while home remodisting is now gaining popularity, some people still aren’t convinced that remodels are for them.
Mercer surveyed 1,500 adults in the U!
to find out what the remodelers said about the potential of home remodining.
The survey found that almost three-quarters of the people surveyed felt that remodelling was “not the right choice” for them, and about half said they weren’t interested in remodeling because of the amount of money it would cost.
And nearly half said the money spent on remodeling would be better spent elsewhere, with about a quarter saying it would be a waste of money.
What do you think?
Should remodeling be for everyone?
Should people who are in their 40s or older remodel their homes?
Let us know your thoughts in the comments section below.