While we may have experienced an all-time low demand for construction between 2007 and 2009, we have witnessed a thriving building industry in the past five years. This sudden increase in demand may be attributed to the influx of millennials, as both consumers and employees. Baby boomers, on the other hand, remain very helpful in restructuring the overall industry.
Renewal by Andersen® is the premier provider of replacement windows, including gliding and specialty windows in Orange County, CA. Let us examine how both baby boomers and millennials are shaping the remodeling industry today.
Baby Boomers: The Top Spenders
Most of them may already be reaching their retirement years, but they are still the best players in the remodeling industry. Baby boomers, or those born post-war between the years 1946-1964, still dominate the remodeling market up to this day. One of the reasons for this is their sheer numbers. According to the U.S. Census Bureau, 75.4 million people living in the country are considered baby boomers.
When it comes to home improvement, baby boomers are most notable for their spending habits. In fact, they account for nearly half of the country’s total remodeling spending, according to Harvard University’s Joint Center for Housing Study. As the leading provider of casement and picture windows in Orange County, CA, we understand the role baby boomers play in the remodeling market. They prioritize replacement projects, such as windows and doors, over “discretionary projects”, including bath and kitchen remodel.
Millennials: The DIY Generation
Compared with baby boomers, millennials are less likely to splurge on professional home improvement. They are more inclined to DIY projects, but it does not mean they don’t play a role in boosting the remodeling market. From time to time, they invest in projects that can increase their home value, enhance energy efficiency, and improve their curb appeal. Although off to a slow start, millennials are expected to eventually engage in the remodeling market as fully as baby boomers.
Together, each generation is transforming the industry at both ends. While they have different approaches to improving their homes, baby boomers and millennials are changing the industry for the better.
Renewal by Andersen can help with your home upgrade projects, particularly with windows installation in Orange County, CA. To learn more about our window offerings, simply call us at (714) 916-9229 or complete our form. We’ll be ready to assist you.