UK Home Renovation Spending Surges

UK: Houzz's 2024 UK Home Study reveals a surge in home renovation spending over the past three years. The median spend has grown by 13% to £17,000 (USD 21600) in 2023, with the top 90th percentile doubling their spending to a whopping £200,000 (USD 2,54,000) compared to just £100,000 (USD 1,27,000) in 2020.

Interestingly, renovation activity remained steady at 48% in 2023. Gen Xers (born 1965-1980) emerged as the top spenders for the second year in a row, with a median spend of £22,000 (USD 27,900), followed by Millennials at £15,000 (USD 19,000) and Baby Boomers at £16,000 (USD 20,300). However, Baby Boomers led in terms of renovation activity (54%) followed by Gen Xers (34%) and Millennials (12%).

Source: Kitchen and Bathroom News