DIY/DIFM Insights
The Farnsworth Group and the Home Improvement Research Institute (HIRI) partner to provide building product manufacturers and suppliers with monthly updates on critical factors impacting customer behaviors and attitudes in home improvement. For 2023, updates include questions specific to pricing, availability, and project intent. Each month, we survey hundreds of DIYers, DIFM and Contractors to get a consistent pulse on the home improvement sentiment and behaviors of each audience.
Check out our Contractor Results.
Project Activity
Since January, we’ve seen a steady trend of homeowners feeling more comfortable starting a home improvement project under $5,000. It’s mainly due to fewer homeowners being unsure or neutral about doing a project and feeling more confident.
However, the same can’t be said about homeowners’ feelings toward doing a project above $5,000. 54% view now as a bad time for larger home improvement projects with 23% neutral. This year has been stable regarding the percentage of homeowners doing a home repair or maintenance project with 85% in July. 60% worked on a home improvement project in July.
Challenges
For the 25% of homeowners that experienced interruptions on current projects, over half said those delays were due to budget reasons. Even more homeowners have postponed starting a project due to budget or finances. And that remains the #1 challenge, by far, for homeowners as it has been all year.
Labor
Of those doing work, 38% hired a pro. For those that didn’t hire out, 75% said it was cheaper to do it themselves, and 72% felt they were able to do the work themselves. For those using pros, the top two challenges were the cost of hiring and the lack of contractor availability.
Materials
Prices
Planning
We see intent coming down very little in July with 45% planning to start a project in the next 30 days. The recent high temps across the U.S. likely contributed to some homeowners postponing work.
Behaviors & Attitudes
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.
