How Much Are Homebuyers Spending On Décor
Everyone talks about the cost involved in owning and buying a house. Making it livable is also a cost that you incur. Estimates sourced from researches and studies show that, on an average, millennials and spending more and more on their home, it's décor, renovations and overall beautifying. The 2017 Houzz & Home survey studied a sample size of over a lakh of homeowners or prospective homebuyers and came up with some interesting findings. While renovation costs of first-time buyers were on an average $34,000 in 2016 up from $ 27,700 in 2015, for millennials it was $26,000 in 2016, up by seven per cent of what it had been in 2015. It will not be an exaggeration to say that even in India, young buyers are looking for not just homes but comfort zones that they wouldn’t want to compromise on.
In 2015, a Hindustan Times research said that with Rs 10,000 in hand, a usual family spends about 40 per cent on food, followed by 14 per cent spending on housing and household amenities, the next big expense. Every year, this number is growing on customising the home-front.
Modern-day expenses on smart choices
Today, your traditional home won't do. Therefore, modular furniture that helps you customise your space is definitely in. Similarly, removable accents such as wallpapers or prints that peel off when you want them to have made a good impression amongst the millennials but may sometimes cost big depending upon the quality and finish. Millenials are also getting creative with their walls. Therefore, it's not just hanging one or two photo frames on your wall. An aesthetic design that goes along with the entire set-up of your abode is also a neat choice that millennials go for. The way you play with your lighting at home also costs. Ambient lighting, contemporary floor lamps or chandeliers or even make-shift lighting that one can carry out if they change homes, all of these are the new-gen way of doing up their homes.
Besides, personalised plants and the artwork furniture around them or portable room dividers that help beautifully divide the space also is a smart choice that most go in for homes have become smaller by the day and equipment and appliances that make our days easier take up space. Therefore, there is every need to use and divide space wisely.
Doors are upholstered, embellished or follow a theme. There is so much more than a millennial can do. Similarly, imaginative and out-of-the-box designs for children’s rooms are also in and so are clutter-free storage solutions. In the traditional route, you would be packing away non-essentials in the storeroom adding to the clutter in your store. The new-age way of dealing with clutter is not dumping but keeping it organised. Necessarily, this too involves a cost.
Child-proofing is also expensive and is not restricted to just protecting the plugs but you have to end up installing gates, securing the furniture, use stove guards, door stoppers, faucet covers and a whole range of things if you are a millennial with a baby or toddler at home.
In fact, the retail market has also understood the Indian millennials’ choice. Therefore, the Home Town kind of concept that provides you with home furnishings and even ideas on modelling, re-modelling your homes is the perfect millennial go-to shop for young homeowners and tenants.