Description

“Economic realities are causing consumers to reassess their home improvement plans to determine the best way forward. While many are making concessions, like reducing the scope or delaying a project, the fact remains that home improvements remain an item on to-do lists for the majority of Canadians. In addition to budget concerns, a lack of confidence is keeping consumers from attempting more ambitious projects. Educational outreach will be key to improving knowledge, encouraging additional DIY plans and building comfort around home improvement projects.”

– Meghan Ross, Senior Analyst – Home & BPC

This Report looks at the following areas

  • Market drivers impacting home improvement plans, including economic and housing trends
  • Home improvement project enjoyment and skill level
  • The types of home improvement projects that consumers have recently completed or have planned for next year
  • Reliance on DIY vs professional services
  • Motivations for improving the home
  • Barriers to home improvements

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definition
          • Market context
          • Executive Summary

              • Top takeaways
                • Consumer trends
                  • Figure 1: Involvement with home improvement projects, 2022
                  • Figure 2: Enjoyment of home improvement projects, 2022
                  • Figure 3: Approach planned for home improvement projects in the next year, 2022
                  • Figure 4: Motivations for completing most recent home improvement project, 2022
                  • Figure 5: Impact of economy on home improvement plans, 2022
                • Competitive strategies
                  • Saving through swaps
                    • Figure 6: Home Depot Canada Instagram post, February 2023
                  • Achievable projects build comfort
                    • Figure 7: Urban Homeology Instagram post, February 2023
                  • Market predictions
                    • Figure 8: Home improvement category outlook, 2023-28
                  • Opportunities
                    • Rental-friendly improvements will gain popularity
                      • Visualization tools should be leveraged
                        • Figure 9: “I would like to use digital visualization tools to help plan or manage home projects” (% any agree), by age, 2022
                      • Build confidence and start early
                      • Market Drivers

                        • Interest rates and inflationary pressures cause consumers to hesitate
                          • Figure 10: 12-month change in the Consumer Price Index, 2022-23
                          • Figure 11: Those who have changed their approach to home improvement projects due to economic conditions, by perceived financial health, 2022
                        • Homeownership rates impact category participation
                          • Figure 12: Maintenance and repair expenditures in housing (x 1,000,000), in Canadian dollars, 2001-21
                          • Figure 13: Home Depot Canada Instagram post, 2023
                          • Figure 14: PPG Paints Instagram post, 2023
                        • Impact of COVID-19 on home improvements
                          • Figure 15: Percentage of workforce anticipated to work on-site or remotely over the next three months, first quarter of 2023
                          • Figure 16: Evelyn.Interiors Instagram post, 2022
                        • Canada’s aging population will rely on home improvements to age in place
                          • Figure 17: Population aged 0-14 and 65+, 1988-2068*
                      • Competitive Strategies and Market Opportunities

                        • Getting more for less
                          • Figure 18: Our Small Town Squad Instagram post, 2023
                          • Figure 19: IKEA Hackers Official Instagram post, 2022
                          • Figure 20: Home Depot Canada Instagram post, 2023
                        • Take baby steps to ease consumers into the category
                          • Figure 21: Lowes Canada Instagram post, July 2022
                          • Figure 22: Copper and Gold Project Instagram post, 2022
                          • Figure 23: Urban Homeology Instagram post, 2023
                          • Figure 24: “I would like to use digital visualization tools to help plan or manage home projects” (% any agree), by age, 2022
                          • Figure 25: Tanzite Stone Decks Instagram post, 2023
                      • The Home Improvement Consumer – Fast Facts

                        • Involvement in Home Improvement Projects

                          • Most consumers tackle home improvement projects with some regularity
                            • Figure 26: Involvement with home improvement projects, 2022
                            • Figure 27: Involvement with home improvement projects, age and gender, 2022
                            • Figure 28: Involvement with home improvement projects, by household income, 2022
                            • Figure 29: Those who do home improvement projects, by parental status, 2022
                            • Figure 30: Home Depot Canada Instagram post, 2022
                            • Figure 31: ESCEJL Instagram post, 2022
                            • Figure 32: Those who do home improvement projects, by homeownership status, 2022
                            • Figure 33: Involvement with home improvement projects, by region, 2022
                        • Home Improvement Project Enjoyment and Aptitude

                            • Figure 34: Enjoyment of home improvement projects, 2022
                            • Figure 35: Those who like/love home improvement projects, by age and gender, 2022
                            • Figure 36: Within the Grove Instagram post, 2023
                          • DIY skill assessment
                            • Figure 37: Those who like/love home improvement projects, by DIY skill level, 2022
                            • Figure 38: “I am interested in taking a home improvement class” (% any agree), by age and gender, 2022
                            • Figure 39: DIY skill level, men vs women, 2022
                            • Figure 40: Those who rate their DIY skills as intermediate or better, by age and gender, 2022
                            • Figure 41: Online tutorials make it easier to do projects myself (% any agree), by age, 2022
                        • Recently Completed or Planned Projects

                            • Figure 42: Home improvement/maintenance projects completed in the past three years or planned for next year, 2022
                            • Figure 43: Home improvement/maintenance projects completed in the past three years or planned for next year, men vs women, 2022
                            • Figure 44: Home improvement/maintenance projects completed in the past three years or planned for next year, by age, 2022
                            • Figure 45: Any home improvement/maintenance projects completed in the past three years or planned for next year, by homeownership status, 2022
                            • Figure 46: Behr Paint Instagram post, 2023
                        • Method of Completing Home Projects

                            • Figure 47: Approach taken for home improvement projects completed in the past three years, 2022
                            • Figure 48: Home improvement accomplishment attitudes (% any agree), 2022
                            • Figure 49: Approach planned for home improvement projects in the next year, 2022
                        • Motivations for Improving the Home

                            • Figure 50: Motivations for completing most recent home improvement project, 2022
                            • Figure 51: Motivations for completing most recent home improvement project (NET), by age, 2022
                            • Figure 52: Motivations for completing most recent home improvement project (select), by age, 2022
                            • Figure 53: Those who completed most recent home improvement project to refresh décor, men vs women, 2022
                            • Figure 54: Motivations for completing most recent home improvement project (NET), by homeownership status, 2022
                            • Figure 55: Motivations for completing most recent home improvement project (NET), by expected financial situation in the next 12 months, 2022
                        • Economic Impact

                            • Figure 56: Impact of economy on home improvement plans, 2022
                            • Figure 57: Get Plunk Instagram post, 2022
                            • Figure 58: CAClosets Instagram post, 2023
                            • Figure 59: Impact of economy on home improvement plans (select), men vs women, 2022
                            • Figure 60: Impact of economy on home improvement plans, by age, 2022
                        • Home Improvement Barriers

                            • Figure 61: Barriers to home improvement (% any agree), 2022
                            • Figure 62: Barriers to home improvement (% any agree), men vs women, 2022
                            • Figure 63: Barriers to home improvement (% any agree), 18-44s vs over-45s, 2022
                        • Appendix – Data Sources and Abbreviations

                          • Data sources
                            • Consumer survey data
                              • Consumer qualitative research
                                • Mintel Trend Drivers
                                  • Abbreviations

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