The Farnsworth Group and the Home Improvement Research Institute (HIRI) have partnered to provide building product manufacturers and suppliers with monthly updates on critical factors impacting customer behaviors and attitudes in home improvement.
For projects under USD 5 000, the Home Improvement Tracker for April shows an increase of those saying it’s a good time to for DIY projects (12 per cent). This aligns with improving consumer sentiment, according to The Farnsworth Group.
However, for projects over USD 5 000, there is consistency month over month with 54 per cent saying it’s a bad time for these more expensive projects.
There is more neutrality with homeowners’ feelings about hiring a professional with 42 per cent saying it’s a bad time, but 31 per cent being neutral.
Of those that have stopped a current project or delayed a future project, the main reason is budget. When asked, the top challenges of doing a home improvement, repair or maintenance project, first place was again ‘cost of the project’ with 54 per cent. A distant second and third was product availability and timelines.
Of those working on a project in the past 30 days, 40 per cent spent between USD 100 to USD 500, which has remained constant this year so far. Even with a low spend, 49 per cent said it cost more than expected.
Pricing is having an impact on over half of the respondents, according to the trade experts: 21 per cent purchased less than planned and 16 per cent purchased a cheaper product or brand.