The U.S. government is facing an unprecedented shortage of home decor, and the only way to save on a house’s cost is to invest in a digital business, a new survey suggests.
The National Association of Realtors report, released Thursday, shows that digital advertising revenue for the retail sector grew 4.4 percent in 2016 compared to 2015, and that consumers are spending more on home goods than ever before.
The industry is also witnessing a resurgence in home-related tech, with more than 4,000 home-technology companies registered in the U.K. and more than $500 million in revenue.
The survey suggests that more people are considering digital decorating and home decorating as a way to make money and to boost their income.
The survey found that online ad spending jumped nearly 8 percent to $7.2 billion in 2016.
While home decor retailers are making significant gains, they are facing challenges from competitors who offer services that don’t necessarily match their products or services.
The biggest challenge, said Michael W. Loomis, the association’s president, is that consumers have become more savvy in using digital tools, and they are willing to pay for more personalized services.
Lomins said he expects digital ad spending to be $1.4 billion by 2019, up from $936 million in 2016, with the industry accounting for about 60 percent of the $5.7 trillion in spending by the U