Economic pressures and rising consumer confidence are fueling demand for affordable options, boosting the DIY home improvement sector as more people tackle projects themselves. Stretched budgets will mean that smaller, non-major projects will be on the radar. While repairs are necessities, décor updates are more subjective. Calling out how such updates can deliver functional benefits and enhance specific wellness areas becomes more important. It can be a good way to exert some control in uncertain times.
Providing resources to boost skill confidence and ensure project success is essential to move consumers from planning to doing as lack of perceived skills hinders project adoption – particularly amongst women.
Despite the rise of digital tools and online shopping, in-store resources that unite platforms allowing consumers to move seamlessly across touchpoints is crucial. This includes tools for realistic cost estimation to prevent project paralysis.
Financial returns like energy savings and increasing home value prove to be major motivators for taking on DIY projects. Highlighting how projects will pay off is particularly effective when targeting key audiences, such as dads and hybrid workers.
This report looks at the following areas:
- Getting to know who is taking on DIY home improvement projects
- Getting to know America’s DIYers: skill level and enjoyment
- Types of DIY projects undertaken and planned
- Reasons for taking on DIY projects
- Barriers to taking on DIY projects
- Seeking inspiration and shopping habits
DIY home improvement is on the upswing with functional upgrades in focus. Communicate how upgrades pay off financially and functionally to drive project adoption.
Rebecca Watters, Associate Director, Household & Health
Market Definitions
The focus of this Report is on the shopping process for DIY home improvement projects as it pertains to retail. It explores where and how consumers shop for materials and tools, as well as their perceptions of leading home improvement retailers. DIY activities include repairs or additions to the home, including projects such as renovating a kitchen, installing a new bathroom and installing central heating. Decorating includes activities such as internal and external painting, wood staining or wallpapering.
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EXECUTIVE SUMMARY
- What you need to know
- Market predictions
- What consumers want & why
- Opportunities
- Marketing opportunities
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MARKET DYNAMICS
- Market drivers
- Nearly 45% of consumers have seen their financial situations change for the better in the past year
- Graph 1: change in financial situation over the past 12 months, Dec 2023 vs Dec 2024
- US housing market shows signs of recovery amid improved affordability and inventory
- Graph 2: homeownership rate in the United States, percent, quarterly, seasonally adjusted, 2014-24
- Rise of single dwellers
- Graph 3: one-person households as a percentage of all US households, 1940-2020
- Aging in place hampers housing inventory
- The bulk of Gen Zs and Millennials are feeling stuck in their current homes
- Downsized homes
- The desire for workplace flexibility keeps the need for multifunctional spaces to accommodate hybrid work arrangements
- Graph 4: agreement – “I would rather work for a company that allows remote/hybrid work than a company that requires its employees to always work on-site,” by generation, 2024
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CONSUMER INSIGHTS
- Consumer fast facts
- Getting to know America’s DIYers: Who’s doing it
- Participation in DIY activities grows in 2024
- Graph 5: home improvement participation, 2022 vs 2023 vs 2024
- High housing costs drive an eye toward DIY improvements, keep motivation high for proactive projects, and resources visible for reactive projects
- Consider how the lifestages of children demands changes to a functionality of the home
- Millennial parents need homes that grow up with their family
- Graph 6: parental status and age of children under-18 at home, Millennials vs overall, 2024
- Graph 7: perceived financial health, Millennials vs overall, 2024
- Home Depot partners with Charlotte Smith to showcase how to refresh a kid’s room with wallpaper and floating shelves
- Getting to know America’s DIYers: skill level and enjoyment
- DIY enthusiasm is widespread and low skill confidence hinders action, providing accessible resources to boost DIY skills is crucial
- Graph 8: skill level for doing home improvement projects, 2024
- Graph 9: enjoyment of doing home improvement projects, 2024
- How-to support resources need to be prevalent when consumers are getting inspiration and gathering info – ie before they decide to start
- Graph 10: “I am planning on undertaking a project in the next 12 months” by skill level, 2024
- The skill-enjoyment gap is bigger for women – help them turn décor dreams into tangible triumphs.
- Enjoyment is not translating into skills for women
- Graph 11: skill level for doing home improvement projects, men 18-44 vs women 18-44, 2024
- Graph 12: enjoyment of doing home improvement projects, men 18-44 vs women 18-44, 2024
- Take inspiration from Germany’s community-based support programs for women and DIY
- DIY projects undertaken and planned
- People are proactively making changes to feel better in their homes, calling out functional benefits of décor updates will motivate action
- Graph 13: home improvement/maintenance projects undertaken by yourself over the past three years, 2024
- Cater to the next life phase: Gen X women are taking on décor updates as they prepare for empty-nesting
- Showcase how upgrades can enhance a home and improve energy efficiency to appeal to dads
- Graph 14: home improvement/maintenance projects undertaken by yourself over the past three years, fathers with under-18s vs overall, 2024
- Praxis adds AI-powered feature to mobile app that helps users improve their homes’ energy efficiency
- Home improvement plans are planned for four in 10 consumers, fuel motivation by increasing the prevalence of resources for proactive projects
- Consider connecting solutions appeal to a wider range of senses in support of specific wellness areas
- Reasons for undertaking projects
- Though repairs and aesthetic updates drive repairs, people are considering cost-savings and longer-term financial benefits – call these out
- Graph 15: reasons for undertaking projects, 2024
- Communicating financial benefits is key to keeping dads motivated. Consider partnerships to build a holistic solution
- Graph 16: reasons for undertaking projects, father with under-18s at home vs overall, 2024
- Both Gen Z women and Gen X women are at a point where they are ready to claim their space
- IKEA launches collection that discreetly houses fitness equipment
- Appealing to hybrid workers means connecting functional upgrades with financial payoffs
- Hybrid workers are primarily motivated by financial gains rather than solely improving their work-from-home capabilities
- Graph 17: reasons for undertaking projects, by work from home status, 2024
- Barriers to participation
- It’s never too early to showcase training workshops and videos to boost confidence as lack of skills and knowledge prevents action
- Graph 18: barriers to participating in DIY projects, 2024
- Customers need to feel that they can achieve success to take on projects – resources must be available at the inspiration stage
- Graph 19: “I am planning on undertaking a project in the next 12 months” by skill level, 2024
- Home Depot houses virtual workshops in its website with its “Homeowner’s Hub”
- There is a need to bridge the skill gap and empower women in DIY
- Graph 20: skill level for doing home improvement projects, men 18-44 vs women 18-44, 2024
- Addressing cost concerns with tools and strategies for budget-friendly DIY projects will count
- Graph 21: “I am planning on undertaking a project in the next 12 months” by household income, 2024
- Tools that provide accurate upper-end costs are necessary for cost-conscious homeowners to navigating DIY budgets
- Graph 22: behaviors when doing DIY home improvement/maintenance projects, 2024
- Seeking inspiration and shopping habits
- Visualizing is a key part of the process, drilling down on all the details of the process will be key to moving DIYers from dreams to action
- Graph 23: behaviors when doing DIY home improvement/maintenance projects, 2024
- Searching and shopping across multiple touchpoints is the norm, however in-store remains core
- From inspiration to implementation, the in-store experiences still holds the edge
- Graph 24: behaviors when doing DIY home improvement/maintenance projects, 2024
- Graph 25: home improvement attitudes and behaviors, 2024
- Consider offering workshops for family-friendly projects to foster DIY interest in future generations
- Graph 26: visit a store in person to see materials/help visualize project, 2024
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INNOVATION AND MARKETING STRATEGIES
- Launch activity and innovation
- Lowe’s Style Studio uses Apple Vision Pro-powered experience to help visualize kitchen designs
- Nix app virtually puts all paint brand fandecks in consumer’s back pockets
- TALD takes on the ‘matchmaking’ task of connecting clients with designers quickly and easily
- Home Depot partners with Uber Eats for on-demand or scheduled delivery
- Marketing and advertising
- Sherwin Williams – campaign the Loneliest Color
- Paint and wallpaper: collaborations and partnerships
- Home Depot taps into the FIFA World Cup North America fever
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Appendix
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
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