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 hundreds of DIYers, DIFM and Contractors are surveyed to get a consistent pulse on the home improvement sentiment and behaviors of each audience.
Check out our DIY/DIFM Results.
Project Activity as of Q4 2023
Delays in the past couple of months have been consistent with 33% reporting they had a delay in October. While Availability is still the leading cause of delays, Labor Costs and Overall Budget are tied for second.
We also see stability in the percent cancelling or delaying FUTURE projects with 29% postponing in October, only 6% cancelling.
The top business challenge remains Products and Materials. For three months straight Product Costs are more of an issue than Product Availability. A shift from last year and subject that we expect will continue to impact behaviors in 2024.
We still see roughly 25%-35% of contractors trying new brands, supplier or product in October. This may remain a common theme as many pros gained comfort throughout 2020 to 2022 trying new products or providers just to get projects completed. And as we know from our ongoing customer research, they are very satisfied with new brands.
There has been growing concern among pros about a potential recession. We’ve gone from 22% of Contractors saying it would have a Very Negative impact on their business in July to 30% in October.
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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.
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