Millennial homeowners are spending the most on home décor, a new survey has suggested.
The research asked 2,000 homeowners about how much they spend on décor products every year and the tasks that they most often avoid.
It found that those aged between 25 and 34 spend more than any other age group on home décor products such as wallpaper, carpets and furniture.
Homeowners aged between 25 and 34 spend more than any other age group on home décor products such as wallpaper and furniture, according to new research
They typically fork out £1,140 a year on such items, while the national spend equates to at least £6.3billion, according to the findings by Blinds Direct.
That £6.3billion is based on 57 per cent of homeowners spending between £250 and £1,500 a year on average. The highest proportion of those spending £1,500 were in the 25 to 34 age bracket.
By contrast, those aged 18-24 are spending around £812 on average, while those aged 35 to 44 are splashing out less at £658. For the most part, those over 64 have lower annual expenditures.
A survey found that the greatest barrier to homeowners considering DIY is the 50 percent cost of materials.
Concerns over the final product quality were the greatest deterrent to DIY for many millennials. 42% of the respondents agreed.
Blinds Direct found that this suggests homeowners of that age prefer to spend money on products rather than attempt to do the job themselves.
A third of those aged 25 to 34 – at 31 per cent – consider being happy with their home décor as key to maintaining a positive mood, while 30 per cent of homeowners are happier with their living space now, compared to a year ago.
Blinds Direct reported that Millennials prefer to buy a product over do a job themselves.
Darren Green, of Blinds Direct, said: ‘It’s interesting to see how one person’s expenditure on home décor indicates a significant sum spent across the nation, as well as what the average person’s concerns are when it comes to purchasing a décor product.
“We feel more comfortable taking on the responsibility of looking after our own homes.
“Whether we’re fitting wooden blinds, painting walls, or building new desks, our confidence in ourselves is growing and it can have a positive impact on our happiness.
Concerns over the quality and safety of DIY projects are the greatest deterrent to millennials.
You might be surprised to learn that homeowners younger than 50 are more likely to spend the most. This is because they have less money if they’re just starting their career.
However, Catherine Merrett, of estate agents Antony Roberts, explained: ’Those who don’t yet have children or have no plans to have them will be without large childcare costs and therefore have more disposable income to spend on decorating their homes.
Recent property price increases and work promotions may have given these people more equity. This could enable them to refinance to get funds to do renovations.
The money saved by the lockdowns can also be used to improve or change the houses that victims of the pandemic lived in so long.
‘Younger property buyers generally have more energy and enthusiasm for homes that need money spending on them, whereas older buyers who have ‘been there, done that’ a few times are more inclined to buy a property where the décor is already of a high specification.’
