PRO 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 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
We’ve seen a slight increase in pros stating delays and future cancellations up to 40% from a low of 32% in May. And those delays are still primarily due to Availability.
Delays or postponement of future projects is lower with 32% saying they’ve cancelled or postponed a future job. In these cases there are several factors beyond Availability such as Scheduling/Timing and availability of Labor.
Challenges
Product/Material and Labor remain the top two challenges for Pros in July. When it comes to Products and Materials, it remains a constant battle between Costs and Availability. For Labor it’s a trifecta of finding workers, getting quality work and being able to afford them.
Labor
However, in July, 52% of contractors said they did not experience labor issues. That is the highest reported all year.
Materials
July also had a yearly high regarding material issues with 41% of pros saying they had no material issues in July.
Prices
Behaviors & Attitudes
We still see roughly 30% of contractors trying new brands or suppliers in July. 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.
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.
