Buying trends at retailers like Lowe's and Ikea reveal homeowners are taking on fewer discretionary home improvement projects and are budget-conscious in their decision-making, reports Advertising Age.
A recent BuildFax report showed home improvement spending is at historically high levels, as homeowners increasingly choose to invest in their property while waiting for real estate values to rise. But Lowe's CEO Robert Niblock told Advertising Age customers are mainly spending money on essential home maintenance rather than discretionary projects. Also, many consumers are opting for more affordable products, Mr. Niblock said, like choosing stock items rather than custom-made pieces.
Given this consumer thriftiness, its not surprising that Ikea, known for low prices, is doing well. Marty Marston, a spokesperson for the Swedish retailer, told Ad Age sales were up 8 percent in 2010. She said the company's new catalog, soon to be released, will include discounts of up to 25 percent on popular items.
Lowe's and Home Depot said energy-efficient items like LED light bulbs are popular among their customers. Bloomberg News recently reported now is a good time to purchase a new home that is energy efficient because many builders are installing green features at no additional cost to buyers, to make new construction more competitive with affordable existing homes.?
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- Buyers? market for homes, but buyers still cautious
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