DIY/DIFM Research Insights
The Farnsworth Group and the Home Improvement Research Institute (HIRI) have once again partnered to provide manufacturers and suppliers with monthly updates on critical factors impacting customer behaviors and attitudes in our industry. Specifically Product Availability, Material Costs, and Labor. We'll be fielding monthly surveys to DIYers, DIFM and Contractors to get a consistent pulse on project sentiment and behaviors of each audience.
Check out our Contractor Results.
The share of homeowners viewing now as a good, bad or neutral time to do a home improvement or remodel project has leveled off in July. A third are neutral and roughly 40% saying this is a good time, which is down from last August at 55%.
Since we started tracking in March, we’ve seen virtually no change in the percent of homeowners saying they’ve postponed and project in the past month. 56% saying they have not postponed. Of those that put off a project, nearly 60% said it was due to budget.
Project delays are up slightly year over year with 28% staying they had delays this month vs 21% this time last year. And for the second straight month, the number one cause of the delays is material prices.
Materials & Availability
While material availability remains, we see fewer homeowners experiencing product shortages. 44% this month vs 51% last August. For the past year the top category causing availability headaches is building materials such as roofing, insulation, and drywall.
While availability issues are declining, price concerns have been rising, which means product,brand and channel shift continues at nearly the same rate as last year.
Costs & Pricing
20% of DIYers and DIFM purchased less than planned for the project,16% purchased a cheaper brand.
62% of homeowners are planning to start a project in the coming weeks. This time last year that was at 69%. Sales and comps are up YoY, but we see intent is slightly down. This illustrates that traffic is down, which means prices along with larger purchases are driving YoY sales increases.