In the aftermath of the 2008 housing crash and subsequent recession, the U.S. construction industry is in recovery, as seen with the rise housing starts (25.5% increase in October, 2016 vs. Prior Month \u2013 Source: U.S. Census Bureau). \u00a0The remodeling market has bounced back faster and stronger than housing starts, which naturally drives a rebound for tool brands.\u00a0 But if you\u2019re a tool brand looking to do more than realize a modest uptick\u00a0and aggressively capitalize on this remodeling upswing, what can you do? Take a look at how we approach marketing tool brands during a booming remodeling market.<\/p>\n
As marketers, we look to insights to guide our strategic thinking in answering this question and shaping plans.\u00a0 For this blog we tapped into the \u00a0Joint Center for Housing Studies of Harvard University<\/a> research on Emerging Trends in the Remodeling Market.<\/p>\n INSIGHT:\u00a0<\/strong><\/p>\n Baby boomers, American\u2019s between 52 and 70 years old (representing 40% of the U.S. population or 75 million), account for almost half of remodeling spending. These are people in or nearing retirement.\u00a0 Not surprisingly a disproportionate number of baby boomers live in the southern or warmer parts of the country. Characteristics of this generation include high disposable incomes, they have a high acceptance for innovation, busy and full lives, value hard work, they are comfortable shopping and browsing online but prefer having one-to-one interaction so go in-store to compare and purchase, they tend to stick to traditional social media sites like Facebook, they love coupons, and are very active even in retirement.<\/p>\n IMPLICATIONS:<\/strong><\/p>\nMarketing Tool Brands: CONSUMER INSIGHT &\u00a0IMPLICATIONS<\/strong><\/h2>\n
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