1 in 3 Home Improvers Going Green

March 25, 2011

amex-tracker-mar-2011.JPGNearly two-thirds (64%) of homeowners say they will invest in renovation projects this year, according to the latest American Express Spending & Saving Tracker. And nearly one-third (32%) of homeowners with home improvement plans said they’ll be looking to invest in green improvements this year, with many choosing to spend on energy saving measures because of the long-term, cost-saving benefits (31%).

Energy efficient windows and doors (16%) top homeowners’ lists, followed by: insulation (12%), roofing (11%) and heating/ventilation/cooling systems (10%).

Home Improvement Spending Down 45%

While the number of people planning to make home improvements is similar to 2010 (62%), the amount they are planning to spend is significantly less, dropping 45% from an average of $6,200 in 2010 to $3,400 in 2011. Even though American Express analysis indicates homeowners’ confidence in the real estate market has increased compared to last year, less than half (43%) believe they would get the asking price for their home if it was on the market today.

3 in 5 Home Improvers Will Try DIY

More than three in five homeowners (64%) with home improvement plans say they’ll take on at least some of the work themselves, with 20% planning to hire a contractor to do all of the work, and 11% planning TO ask a family member to do the work. Among those who plan to do some or all of the work themselves, 30% will be taking a “friends and family” approach to getting the work done. Twenty-one percent plan to split the workload by hiring a contractor for specialized projects and a hardy 13% plan to go it alone.

Bathroom Makeovers Top the List for Room Redos

Indoor renovations outrank outdoor remodeling projects 55% to 29%, respectively. Cosmetic work, such as painting, and redoing rooms were the most popular indoor projects, with bathrooms holding on to the top spot again this year for the most popular room remodel. Those who set their sights on outdoor projects are most interested in refreshing their landscaping (22%), followed by building or redoing a deck or patio (9%).

Harris: Fewer Americans Go ‘Green’

Despite American Express findings that many homeowners are taking a green approach to renovations this year, American adults overall are now less likely than they were in the summer of 2009 to hold certain green attitudes and engage in various environmentally-friendly activities, according to results of a recent Harris Poll. For example, just more than one in in three U.S. adults (36%) say they are concerned about the planet they are leaving behind for future generations, compared to more than two in five adults (43%) who said so in 2009.

In addition, there have been smaller decreases in the percentages of Americans who say they personally care a great deal about the current state and future of the environment, are environmentally conscious, and encourage others to be environmentally friendly, while the percentage feeling a personal responsibility to care for the environment has remained flat (29%).

Interestingly, despite the aforementioned declines in Americans’ attitudes and actions concerning environmental issues, US adults are now more likely to describe themselves as conservationist (20% 2010 compared to 17% 2009), “green” (18% 2010 compared to 13% 2009), and environmentalist (16% 2010 compared to 13% 2009) than they were previously.

About the Data: American Express Spending & Saving Tracker research was completed online among a random sample of 2,045 consumers aged 18 and older. Interviewing was conducted by Echo Research between March 1 and March 6, 2011.

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