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2020 AU Houzz State of the Industry
Houzz Research
27 March 2020
Findings from a survey of 284 Australian residential renovation businesses on Houzz about 2019 and expectations for 2020
REVENUE GROWTH IN 2019: Nearly half of businesses reported revenue growth in 2019 (47%), with a majority having met or exceeded expectations (52%). In fact, three per cent of businesses saw results that were significantly higher than their expectations.
CHALLENGES RELATED TO THE NATIONAL ECONOMY DOUBLED: Nearly one third of businesses report that a weak or uncertain national economy was a top challenge in 2019 (31%), almost double that of 2018 (16%). Challenges associated with a weak or uncertain local economy grew three times since the the previous year (29% versus 10% in 2018).
TAKING ACTION TO SUPPORT GROWTH: The majority of businesses across the industry plan to increase marketing and sales efforts and bring in larger budget projects to bolster revenue growth over the coming year (59% and 48%, respectively).
RISING BUSINESS COSTS: Two thirds of businesses reported an increase in the costs of doing business, such as products and materials and employee wages (67%). Home builders experienced the greatest impact (76%), compared with architects and building designers (66% and 52%, respectively). On a related note, managing customer concerns over cost was a top business challenge (33%).
Download the Full Report
CHALLENGES RELATED TO THE NATIONAL ECONOMY DOUBLED: Nearly one third of businesses report that a weak or uncertain national economy was a top challenge in 2019 (31%), almost double that of 2018 (16%). Challenges associated with a weak or uncertain local economy grew three times since the the previous year (29% versus 10% in 2018).
TAKING ACTION TO SUPPORT GROWTH: The majority of businesses across the industry plan to increase marketing and sales efforts and bring in larger budget projects to bolster revenue growth over the coming year (59% and 48%, respectively).
RISING BUSINESS COSTS: Two thirds of businesses reported an increase in the costs of doing business, such as products and materials and employee wages (67%). Home builders experienced the greatest impact (76%), compared with architects and building designers (66% and 52%, respectively). On a related note, managing customer concerns over cost was a top business challenge (33%).
Download the Full Report
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