TVB’s 2020 Home Improvement Purchase Funnel Study shows local TV is the most important influencer across all purchase funnel stages.
NEW YORK, Aug. 24, 2020 (GLOBE NEWSWIRE) — TVB (www.tvb.org), the not-for-profit trade association helping advertisers make the best use of local ad dollars, today announced the findings of its 2020 Home Improvement Purchase Funnel Study. Of those surveyed, 80% said that COVID-19 inspired long-desired home improvement projects, and 93% of adults 18+ agreed that TV ads influenced their home improvement search selections.
“The fact that more people are staying home and able to supervise projects is the top home improvement COVID-19 motivator among adults 18+. This was followed by discounts, and the decision to reinvest dollars from cancelled vacations and events,” said Hadassa Gerber, Chief Research Officer, TVB. “While motivations differed by geography and ethnicity, local TV is the main driver of consumer purchasing decisions – there is no close second. And as we have seen in other studies, when it comes to trust nothing beats local TV news.”
TV dominated as the most important influencer across all five stages of the purchase decision process, starting with awareness through actual purchase, among adults 18+ who purchased or planned to purchase home improvement services. This was also the case for adults 25-54, adults 35+, Hispanic adults, and adults 18+ with household incomes of $100K+ annually.
Other data that supports the sustained increase in activity in the home improvement category and local TV’s role in influencing consumer purchasing decisions, include:
- 93% of adults 18+ agreed that TV ads influenced their home improvement search selections. This number rose to 96% for those with HH Income $100K+ and to 97% for those that intend to spend $10,000+ on home improvements.
- Of those that purchased home improvement services in the past year, 72% have purchased these services in the past 6 months. Among those planning to purchase within the next year, 63% plan to do so in the next 6 months.
- 64% of respondents fell into both categories; they have purchased AND they plan to purchase home improvement services.
- Among total adults 18+, adults 25-54, adults 35+, and adults 18+ with household incomes of $100K+ annually, local broadcast TV news is #1 for trust among all news sources and local broadcast TV news websites & apps are #1 for trust among digital news platforms.
For more information about the study, visit: https://www.tvb.org/Public/Research/HomeImprovementPurchaseFunnel2020.aspx
TVB is the not-for-profit trade association representing America’s $21 billion local broadcast television industry. For more information, visit www.tvb.org.