According to an article on Financial Post: “Renovation spending has been rising for 15 straight years and reached a record $63.4-billion in 2013, which accounted for 3.7% of total Canadian gross domestic product, Altus said. More money is being spent on renovation than on all new home construction.”
I think this is a great example of the power of Social Media influencing people and creating new trends. The Home Renovation Industry had a tremendous boost with TV Shows that can be watched basically anytime and anywhere. Plus Social Media helped to share the success and frustrations of home renovations.
We also factor the “product placement” and the sponsorship in certain shows. For example, a brand new kitchen bought at Home Depot, Lower’s or Ikea. The show also take opportunities to advertise non related home renovation products, such as a bank service. In one HGTV show, the host showed how to deposit a cheque using your smartphone, a bank service that can be helpful during your buzzy home renovation. (Below a TD Bank advertisement for some HGTV shows)
I think that to capture the whole scope of Social Media, we should factor that people influence people on new trends, like home renovations with ideas, inspirations, tips and resources that are everyday share on Social Media. Definitely a bonus for the home renovation Industry. (Photo below: TV Show hosts for home renovations)