The current situation:
According to the Leading Indicator of Remodeling Activity (LIRA), annual spending on homeowner repairs and improvements is currently estimated at $486 billion. This estimated level of repair and improvement spending is significantly higher than in the same period in 2022 ($443 billion) and 2021 ($383 billion).
What consumers are saying:
91% of homeowners in this week’s Consumer Pulse report that they have work planned for their homes for this fall and winter. Our Consumer Pulse report looks at the types of projects planned and how DIYers will approach the work, including:
- 60% will do routine home maintenance & repair projects.
- 33% will undertake major improvements.
- 78% of DIYers will do all or some of the work themselves.
The Outlook:
The LIRA anticipates that year-over-year spending will face headwinds from high interest rates, softening housing appreciation and a slowdown in home sales. Brands and retailers that position themselves as advocates of the DIYer, whether through product features or project tips + tricks and how-tos, can weather the challenges by being better poised to capture a greater share of the DIYers’ hearts and wallets.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study that will help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.
