PRO 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 the project sentiment and behaviors of each audience.
Check out our DIY/DIFM Results.
Since July, we’ve seen an 8% increase in the percent of Pros delaying or stopping their projects, going from 34% in July to 42% in November. Not surprising it continues to be due to Material Availability and Material Prices. What's interesting is to look at the % of Pros that said the delays or stoppage was due to Homeowner’s decision. Last November 19% of Pros with delays said it was due to the Homeowner. This November, that is up to 26%.
Overall, is Price is still the #1 challenge for their business and the gap between Price and Availability widened over October.
Materials & Availability
Now with a full year of data, we can see that online purchase behaviors are constant. Last November 22% of Pros said they purchased at least some materials online and picked up in store. 41% purchased some materials online and had them delivered. This November, those numbers are 20% and 35% respectively. However, the number of purchase occasions may have declined.
Year over year we see that Pros are still trying new brands and suppliers. Last November 29% of Pros tried a new brand in the previous month, and 32% tried a new supplier. This November those numbers are 28% and 30%. While availability is still a cause for shift, pricing pressure is also causing Pros to try new brands or suppliers.
Costs & Pricing
When asked ‘how prices have impacted their material purchase in the past month’, 29% said they purchased less than planned and 26% purchased a cheaper brand.