Home renovation

Extreme weather and millennial spending

Reliable protection: extreme weather conditions affect home design choices
A large majority (76%) of homeowners said their renovation plans had been impacted by the possibility of extreme weather conditions. A majority of homeowners (54%) also said the possibility of extreme weather events strongly or somewhat influenced their home improvement decisions, an influence based on real-life experience. Almost half of homeowners (47%) said they or someone they know had repaired or renovated their home following extreme weather conditions. For homeowners who have personally experienced a weather-related renovation, the vast majority involved exterior work: 75% of these homeowners have renovated the exterior of their home.

“The impact of climate change and the weather on home design and expense is something we have been watching closely for several years now. Homeowners are looking to protect their homes and their families inside these homes. James Hardie, we believe our products provide that trusted protection,” says Fran Flanagan, Head of Consumer Insights at James Hardie. “Fiber cement siding is non-combustible and provides superior protection against extreme weather conditions, such as floods, wind and fire. We have seen a marked increase in the number of our consumers choosing Hardie® siding to better protect their homes from the elements.

Demand for fresh exteriors in the renovation market
The pandemic has forced many people to spend more time at home, causing homeowners to re-evaluate the exterior of their homes. A surprising 70% of homeowners said the exterior of their home needed a facelift, with 59% of homeowners wanting to improve the exterior of their home (including 77% of parents).

Annual gains in home improvement and maintenance spending are expected to accelerate in the second half of 2021 and remain elevated through mid-2022, according to the Leading Indicator of Renovation Activity (LIRA).1. James Hardie’s study confirms this trend: 87% of homeowners say they want to continue renovating in 2022.

Who is fueling the demand? The survey found parents and millennials were disproportionately renovating; and demand should not weaken this year. Millennials were most likely (75%) to have done COVID-era renovations, and they spent more – $40,600 versus $10,000 for Generation X and $11,000 for baby boomers. In a tight housing market, this new generation of homeowners views buying their first home as a long-term investment and permanent residence. And perhaps due to remote learning needs, 4 in 5 parents (80%) have made renovations compared to just 52% of homeowners without children.

The female owner + endless design possibilities
When it comes to renovations, married homeowners like to be in the driver’s seat. Among owners with a partner or spouse, 59% said they were more likely to manage conversations with contractors. But while women often bear the burden of home maintenance disproportionately, they are not as likely to be involved in these conversations. Only 36% of women in relationships said they would handle conversations with entrepreneurs, significantly less than the 82% of men in relationships who said they would. But perhaps men shouldn’t be so confident: among those who made renovations in the time of COVID, men were much more likely (29%) to regret at least one renovation (compared to 20% of women). In fact, men were more than twice as likely (21%) to regret multiple changes (compared to just 10% of women).

“These fascinating findings regarding the difference between women’s and men’s feelings post-renovation truly validate our company’s deliberate decision to shift to a consumer marketing strategy that focuses on women, empowering them to realize their outside of dream with reliable protection and endless design possibilities,” noted Amy Lamparske, chief digital officer and vice president of marketing at James Hardie.

Homeowners want to own their home and they want the world to see it. The importance of design choice for consumers is evident in homeowners’ openness to bright colors: the survey found that nearly 3 in 4 (73%) are willing to use bright colors on the exterior of their home, especially millennials (88%).

“We constantly hear homeowners say they are tired of ‘living’ with their current home siding. This desire for new designs is reinforced by the fact that, according to our survey, most consumers (89%) agree that exterior renovations provide a strong return on investment,” continued Lamparske. “As we transform into a consumer-centric brand, we seek to inspire the homeowner to see the choices and possibilities that exist in the world of exteriors. Of house.”

While the majority of COVID-era renovations have been done inside homes, homeowners still recognize the importance of investing in curb appeal. This consumer demand for fresh, modern exteriors that enhance curb appeal drives James Hardie’s continued investment in innovation to transform the way the world is built. More recently, James Hardie launched Hardie® textured panels, marking the creation of an entirely new category of home exteriors.

Source: The James Hardie Survey was conducted by Wakefield Research among 1,000 nationally representative U.S. homeowners of single or multi-family homes between October 4 and October 12, 2021.

James Hardie Industries
James Hardie Industries (ASX: JHX; NYSE: JHX) is a global leader in premium building solutions that deliver lasting beauty and endless design possibilities with reliable protection and low maintenance. As the world’s leading producer and distributor of high performance fiber cement and fiber gypsum building solutions, James Hardie offers siding and accessories for every style. Many Hardie® products allow homeowners and building professionals to realize the home of their dreams. The company pioneered the technology of fiber cement building products made from sustainable raw materials and continues to invest in innovation to transform the way the world builds. James Hardie operates with an inclusive corporate culture and an unwavering commitment to Zero Harm. James Hardie employs a diverse global workforce of approximately 5,000 employees across the operations of North America, Europe, Australia, New Zealandand The Philippines.

For more information and media resources, visit JamesHardie.com and JamesHardie.com/about-us/media-resources./about-us/media-resources. For more investor information, please visit ir.jameshardie.com.au.

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Forward-looking statements
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to differ materially from those expressed or implied by this release, including, among others, the risks and uncertainties set forth in Section 3 “Factors of Risk” of the James Hardie Annual Report. on Form 20-F for the year ended March 31, 2020; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the standard of construction in general; changes in cement demand and prices; changes in commodity and energy prices; changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this press release, except as required by law.

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James Hardie Industries plc is a limited company incorporated in Ireland having its registered office at Europa House, 2nd Floor, Harcourt Centre, Rue d’Harcourt, Dublin 2, D02 WR20, Ireland

1 Harvard University Joint Center for Housing Studies

SOURCEJames Hardie Industries