Home Services Industry: The Outlook for 2024 and Beyond
Home Services Industry: The Outlook for 2024 and Beyond
The home services industry is poised for growth, driven by evolving consumer needs, technological advancements, and a renewed focus on home comfort and functionality. Explore the factors influencing home services, the predicted outlook for the upcoming years, and the businesses in demand.
A Bright Future for Home Services
The outlook for the home services industry is positive. Curtailing travel and entertainment budgets following the pandemic outbreak prompted many Americans to focus on improving their living spaces, and the demand for home services soared. Although inflation and the potential for a recession created headwinds in the industry this year, the outlook remains bright.
High new home prices sent home equity rates up, prompting people to re-invest in their homes. The average U.S. homeowner has $274,000 in equity. Despite rising interest rates across the board, home equity loans and home equity lines of credit are still a viable option for people who want to do home improvements.
The trend of "aging in place" is gaining traction and also giving the industry a boost. As the baby boomer generation grows older, many prefer to stay in their homes rather than move to assisted living facilities. The majority of adults over the age of 55 (93%) said aging in place is an important goal, according to a survey conducted by U.S. News and World Report. Seniors who opt to stay home for the long term require various home modifications and upgrades, further fueling home services.
Planning for Success in Home Services
If you’re considering venturing into the home services sector, it's essential to stay informed about home service industry trends and consumer preferences. Some of the most in-demand home services are home cleaning, organization, handyman services, lawn care, and home security.
Sustainability is a significant concern for modern consumers. They're looking for eco-friendly solutions, energy-efficient installations, and sustainable materials. As a potential business owner, integrating these elements into your offerings can set you apart.
Additionally, technology is playing an increasingly crucial role. From smart home integrations to virtual consultations and designs, embracing technological advancements can enhance your service quality and customer experience.
The rise in severe weather is causing an increase in demand for home services designed to limit damage, such as electricians installing whole-home surge protectors, tree trimmers, and gutter cleaners. At least 45.28% of homeowners are actively taking steps to mitigate the damage from severe weather.
Why The Tailored Closet Stands Out
As consumer demands evolve, partnering with an established brand like The Tailored Closet can help bolster your chances of achieving your business goals.
With the increasing demand for home organization and custom storage solutions, we offer services that resonate with modern homeowners. Our focus on customizability, quality, and customer satisfaction aligns with industry demand. We’re committed to quality and innovation to ensure our solutions stay ahead of the curve. As the work-from-home trend continues, many homeowners seek efficient home-office setups. Our custom solutions blend functionality and style to help create multi-purpose spaces.
As a franchise owner, you'll receive comprehensive training, marketing support, and access to a vast network of industry professionals. Our support system, combined with our strong reputation, can give you a significant edge in the market. With an initial investment ranging from $155,220-$268,675, you’ll get the tools, training, and ongoing guidance you need to run a business in home services.
Inquire now to learn more about remodeling your future and partnering with The Tailored Closet to open a business in the dynamic home services market.