DIY/DIFM Insights
Throughout 2023, The Farnsworth Group and the Home Improvement Research Institute (HIRI) partnered to provide building product manufacturers and suppliers with monthly updates on critical factors impacting customer behaviors and attitudes in home improvement. For 2023, the report involves questions specific to pricing, availability, and project intent. Each month, we surveyed roughly 750 homeowners and 250 Contractors to get a consistent pulse on the home improvement sentiment and behaviors of each audience.
Be sure to download the contractor results as well.
Project Activity as of Q4 of 2023
In recent months, we’ve seen a softening in Homeowners saying it’s a good time to do a Home Improvement project – large or small. 29% believe it’s a bad time to start a project UNDER $5k, which is the highest since February. One third are neutral and 40% believe it’s a good time.
51% of homeowners believe it’s a bad to time to start a project OVER $5k. The highest we’ve seen all year.
Cash and Credit are the two leading sources for funding by far. Less than 5% used their Equity for their most recent Home Improvement, Repair or Maintenance project.
For those that postponed a current or future project, Budget is the leading cause.
Budget is the primary reason to post pone or delay a project. It’s the main reason for DIYing the project. Even those that hired a pro, 43% did some of the work themselves in many cases to save money.
Like the pros, homeowners have a growing negative sentiment towards the potential impact of a recession on their home improvement plans. 64% saying a recession would have a negative impact on their home improvement projects over the next year.
As we enter the colder months, we see seasonality also at play. 40% of homeowners surveyed plan to start a project in November. Down from 50% peaks we saw in Spring and Summer. Again, monitor project intent because it correlates directly with retail sales.
Commission Custom Market Research
Our team at The Farnsworth Group partners with building products manufacturers and retailers to understand the state of the market, each customer segment, and your best opportunities. Our market researchers bring 30 years of home improvement industry expertise and specialized market research knowledge to ensure you get the valuable insights you need to make data-driven decisions for your brand.
Simply book a consultation below to learn more about commissioning a proprietary study for your teams.
