American Express Predicts Increase in Home Improvement Spending
August 10, 2005
l American Express is predicting a lot of “plastic”—or even old fashioned cash—will be used this spring, as Americans say they will spend more on home improvement projects. According to the 2003 American Express Home Improvement Index, a national survey of heads of households planning home improvements this year, the average home improvement budget will rise to $3,796 this year, up 31% from the $2,888 reported in 2000. Half of those who responded will spend more than $2,000, up from 39% three years ago. In addition, households with income of $50,000 or more will spend $4,267 this year, up 12% from 2000 levels.