Each month, The Farnsworth Group surveys a thousand DIYers, DIFM homeowners, and Residential Contractors to give stakeholders in the home improvement industry an overview of what these building product customers are telling us about their home improvement attitudes and behaviors. Here are top takeaways covering DIY and Pro activities over the last 30 days.
DIY and DIFM Homeowner’s Home Improvement Project Activities and Top Challenges:
1. For home improvement projects Under $5K, there has been a month-over-month increase in 2023 of those saying it’s a good time to do these projects. This aligns with improving consumer sentiment.
2. Of those working on a project in the past 30 days, the majority (36%) of homeowners spent between $100 and $500 for the project and 19% spent between $500 and $1000.
3. Do note that even with this low project spend, 45% of homeowners still said the project cost more than they expected it would.
4. Home improvement product pricing is having an impact on over half the respondents. 21% purchased less than planned and 16% purchased a cheaper product or brand.
5. The bright spot for home improvement product sales right now is spring and summer projects, and with that, increased project intent. 50% of homeowners plan to start a project in the next month, up from 40% in January.
Pro’s Home Improvement Project Activities and Top Business Challenges:
1. Contractors are reporting product costs and labor as their top two challenges this month.
2. The biggest challenge for contractors remains Product and Materials in 2023, with consistently half of Pros saying that’s challenge #1 month over month.
3. Of those Pros reporting Product and Material challenges, 74% stated it’s about product costs, and then availability (67%).
4. The vast majority (72%) of Contractors said their material costs increased in the past 30 days. This price pressure is causing Pros to try new brands/products, and, in some cases, purchase less than planned.
5. Note, that labor challenges have risen from 29% saying it was their #1 challenge in Jan to 40% reporting labor as their top business challenge in April and 34% in May.
To keep on top of these monthly updates on DIY and Pro home improvement behaviors and challenges, visit https://www.thefarnsworthgroup.com/tracker
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