Renovations set to rise in 2021
Home renovations are set to rise this year as the fallout from Covid continues to affect Australians’ spending patterns.
With Aussies unlikely to be spending big on overseas trips for the foreseeable future, many homeowners have plans to invest their extra cash into sprucing up their living quarters. In fact 71 per cent will divert some of their holiday savings into home upgrades.
That’s according to research released late 2020. Architectureanddesign.com.au reports that the study, conducted for online bathroom business The Blue Space, shows just over one third expect to renovate their apartment or house this year. On average, Aussie homeowners plan to invest about $26,000 bringing their upgrades to life.
So what is driving people to update their homes? Nearly half (45 per cent) are keen to modernise tired or outdated rooms, while 38 per cent are looking to increase their home’s value.
Of course, kitchens and bathrooms traditionally take the lion’s share of renovations. But not all the repairs and renovations are indoors as Aussies look to invest their dollars in revitalising their outdoor areas, with the pool a popular addition.
The latest IBISWorld report Swimming Pool and Spa Equipment Stores in Australia , February 2021, says there are 1035 businesses operating in this sector in Australia.
It’s a disparate sector however, with no one brand having more than 5 per cent market share.
The report echoes the expectation that funds will be shifted from travel to pools.
“International travel restrictions and state border closures are anticipated to fuel rising demand for industry goods, as consumers invest in installing a pool rather than taking a holiday,” writes report author Claudia Burgio-Ficca.