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
More homeowners are becoming neutral on whether it’s a good or bad time to do a home improvement project or to hire a contractor. This sentiment can be seen across the industry as Homeowner spend is flat or slightly down despite high home equity remaining strong.
For those moving forward with projects, we’ve seen a slight increase in the % paying for their project with cash or savings. Perhaps drawing on reserves they’ve built up in the last few years and reluctant to pay today’s higher loan rates.
For those that have paused or postponed projects, the number one reason is budget.
Challenges
Budget remains the #1 challenge. Expect pricing concerns to be impacting behavior for the remainder of the year, as we've been reporting since the end of last year.
Labor
Materials
Of those buying home improvement products, 84% purchased in store, which has slightly increased. This is likely due to projects being completed, which skew towards lawn and garden projects in the Spring. Products such as plants that you may not purchase online.
Prices
Many homeowners, 45%, continue to state their project cost more than expected. 22% purchased less than planned.
Planning
We see intent holding steady month over month with 50% planning to start a project in the next 30 days. The spring selling season has been off to a slow start due to inclement weather in many areas. We’ll continue to monitor that affect.
Behaviors & Attitudes
Commission Custom Market Research
Our team at The Farnsworth Group will provide you with over 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.
