Dec 21 2010
Research and Markets has announced the addition of Frost & Sullivan's new report "2010 US Home Owners' Perception of Green and Innovative Materials in Buildings" to their offering.
Overall, awareness of green homes is relatively high, with nearly half of all survey respondents knowing what a green home (as defined by Frost & Sullivan) is when unaided. Specifically, awareness is highest among current home owners. Overall, future home owners have higher familiarity and future plans to install all of the various green home products/services surveyed compared to current home owners. Future home owners cite stronger future intentions to install all of the various green home systems/green products surveyed if a state/federal government or utility company grant/rebate is available compared to their current home owner counterparts.
This Frost & Sullivan research service titled "2010 US Home Owners' Perception of Green and Innovative Materials in Buildings" assesses awareness of green homes, green materials, and green products. It measures US home owners and future home owners (those who plan on purchasing a home within the next two years) preferences of green homes, green materials, and green products/services. It also analyzes purchase decisions and process, importance of features/attributes, as well as current and future usage and implementations, plans to implement, and reasons for the decision.
This analysis is available through our Chemicals & Materials Growth Partnership Services program. With continuous access to intelligence and resources from all seven perspectives of the Complex Business Universe, the Growth Partnership Services program ensures that you and your Growth Team are able to maintain a 360 Degree Perspective of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Future Home Owners Give the Thumbs Up to Green Products and Services
Most future purchases are likely to be made with the intention of reducing the costs of home maintenance, rather than mitigating the negative impact on the environment. Not surprisingly, the largest percentage of current home owners report that the overall cost of a home had a significant influence on their decision to purchase a house, says Christina Alfaro, Research Associate with Frost & Sullivans Customer Research Team. The same results are reflected in the indices when limited control expenses (overall cost, tax, and insurance expenses) are chosen by the majority to have the highest influence on the home purchase decision.
Home builders and contractors should not be deterred by the importance of the overall costs of a house as a purchase criterion and instead, should focus on the emphasis placed by future home owners on green home products and services. Suppliers of green products and services should consider touting the long-term financial benefits of green homes. Promotional messages that combine returns-on-investment with environmental benefits could go a long way in persuading cost-conscious future home owners. Most future home owners think that the use of green products would have a high impact on the environment and cost reduction.
When comparing future and current home owners, it is interesting to note that the former appears to have greater aspirations of being environment friendly. However, they are not as knowledgeable as current home owners of home ownership costs (loan, taxes, insurance, maintenance, utilities). Thus, future home owners are more likely to want to own a dream home, while current home owners are more familiar with the true costs of home ownership. While current home owners would like to incorporate more green home products/services in their homes, doing so will require monetary resources and physical effort that are not always freely available and acceptable, notes Alfaro.
Three-quarters of future home owners expect to purchase an existing home; however, more than half delay purchases by 18-24 months. The vast majority of current home owners homes are at least six years old and the owners are familiar with or currently have energy-efficient lighting (55 percent), and advanced window (glazing) systems (25 percent). Green products and services such as energy-efficient lighting or home insulation, which are not cost- or effort-intensive, are more popular than those that require steep up-front investments. For instance, the setting up of solar panel systems involves considerable effort and money. Such labor-intensive installations have fewer takers than easy-to-install systems such as lighting and home insulation.
Key Topics Covered:
- Background
- Executive Summary
- Awareness
- Current Home Owners Details
- Future Home Owners Details
- Segmentation of Survey Respondents
- Consumer Brand Perception
- Appendices
- About Frost & Sullivan