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October 24, 2023
Annual Harris Williams Home Services Study: Resilient Demand and Growth Potential
The latest annual report from Harris Williams on the home services sector highlights robust demand that remns strong even in economic uncertnty. This year’s insights demonstrate numerous opportunities for industry leaders and MA investors to capitalize on a diverse array of service demands, underscoring the sector's healthy long-term prospects.
Key Highlights:
Consumers are allocating more resources towards home services over time, with 49 sping more now than two to three years ago. Only 20 report reduced sping Figure 1.
Anticipating economic downturns, consumers plan to mntn or increase their sping on home services in a recession scenario Figure 2.
Sping increases reflect the growing preference for outsourcing tasks like plumbing reprs and electrical work compared to tackling DIY projects Figure 3.
Millennials, with less leisure time due to homeownership, are key drivers of this tr.
Investor Attraction:
The home services sector attracts investors thanks to resilient demand patterns, a fragmented market, and opportunities for differentiation through professionalization. MA activity reflects these trs as competition for quality companies intensifies Figure 8.
Consumer Expectations:
Consumers prioritize trusted brands with modern technology platforms and financing options that offer flexibility.
Digital discovery channels such as social media play an increasingly significant role in customer acquisition alongside traditional word-of-mouth referrals.
Market Insights:
The combination of robust demand, fragmented market dynamics, professionalization opportunities, and investor interest underscores a sector poised for growth despite economic challenges. As MA activity shows, there is substantial potential to create scaled platforms through strategic acquisitions Figures 6-7.
To learn more about investment opportunities in the residential services segment or access the full report, contact us at [email protected].
Contacts
John Neuner
Managing Director
Brent Spiller
Group Head Managing Director
Zach Ledwith
Director
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Robust Home Services Demand Amidst Economic Uncertainty Harris Williams Annual Home Services Study Insights Consumers Increased Spending on Outsourced Home Tasks Millennial Drivers in Boosting Home Service Expenditure Resilient Demand for Professional Home Services Opportunities for Growth in Fragmented Market