The joint Remodelers and E-Council luncheon on Feb. 21 featured Jonathan Smoke, the chief economist of Hanley Wood, who presented Moneyball for Remodelers. After providing national trends, Jonathan gave us a local economic forecast for the next few years. He forecasts a 5 percent grow rate in remodeling in our region for the next several years. He then broke down by zip code the market segments that are much more likely to do a remodel, based on the company’s market research. This research aggregates Prizm codes (one of 66 distinct customer segments based on unique demographic and behavior characteristics) into clusters of households that are much more likely to be a candidate for a remodel in the next few years. [More information is available at www.claritas.com/MyBestSegments/Default.jsp).
Jonathan provided a residential remodeling Index (RRI). He also identified segments to avoid as well. The best target clusters were Family Life, Elite, Active Adult Feature & Location and Active Adult Elite. These were broken down by the type of remodel, and each cluster was described with a series of unique characteristics including age, income, education shopping patterns, media preference, etc. Family Life, for example, is described by a head of household between 35-54, income of $75,000-$150,000, home value of $200,000-$500,000, likely to shop at Lowe’s, life is dominated by children, buys on eBay, has an 87 percent home ownership level, listens to 80s music and trusts the Internet the most.
More information is available on the Hanley Wood market intelligence Web site, www.hanleywood.com/?page=marketintelligence. Inquiries concerning your specific data needs for the Jacksonville market from targeted mailing lists to complete promotional campaigns should be addressed via e-mail to [email protected].