As the calendar flips toward summer, we enter peak home improvement and renovation season. Better weather and longer sunny days give way to easier project completion. But how are Americans planning their renovations this year amid cooler but still high inflation?
According to the most recent CivicScience data, nearly half of U.S. adults (48%) have home improvement projects lined up for the next 12 months. How do they intend to tackle these impending renovations? A plurality (38%) prefer the hands-on approach and look to handle the work themselves without hiring professionals – a percentage that’s increased significantly YoY from 2022. Roughly one-third will rely on the expertise of hired professionals to get the job done, while 30% have a combination of DIY and hired work in mind.
Outdoor spaces, bathrooms and kitchens are at the forefront of renovation plans.
As summer approaches, the allure of outdoor time is likely driving more attention towards enhancing outdoor spaces among home improvement intenders. Bathrooms and kitchens are also high on the list of areas for home improvement projects. On the other hand, the garage and home office are the least likely to be included in renovation plans overall.
Forty-one percent of planned DIY home renovators say they’ll be working on an outdoor home improvement project – four percentage points higher than overall planned renovators. Additionally, DIYers are also more likely to have plans for their garages compared to general renovators.
Home Depot sales declined, but could a silver lining be on the horizon?
Alarm bells recently sounded for home improvement powerhouse Home Depot as its sales declined for the first time in well over a decade in Q1 2023. An examination of CivicScience spending trends reveals the percentage of consumers planning to reduce spending on home improvement began climbing in February, reaching its peak in March at 33% – its highest level since May 2022.
Nevertheless, there might be a silver lining for retailers like Home Depot, as consumer priorities appear to be shifting as of late. The percentage of people intending to curtail their home improvement expenses is on the decline – down three percentage points as of early June – as they look to cut back in other areas, such as dining out, food delivery, and streaming services.
For those with home improvement/renovations planned in the next six months, 65% say they plan to keep their budget under $15,000, which represents a slight two percentage-point drop over last year. Thirty-eight percent report they’ll stay under $5,000 while those keeping the budget under $30,000 ticked up to 16% from 14% in April 2022 (n=3,658).
More CivicScience home improvement insights:
- Social media looks to be a popular resource for DIY home renovation this year – 57% say it’s at least ‘somewhat likely’ they’ll turn to social media for DIY learning or guidance, 21% consider it ‘very likely’ (n=3,383).
- Where do this year’s planned home renovators most prefer to shop for home improvement needs? It’s a two-horse race at the top between Home Depot (41%) and Lowe’s (35%). Menards (9%), Ace Hardware (8%), and True Value (2%) lag far behind (n=1,222).
- Millennials aged 25-34, adults earning less than $50K, and those residing in rural areas are most likely to lean toward DIY for their upcoming home improvement projects. Conversely, city dwellers and high-income earners above $100K tend to rely solely on hired professionals. Interestingly, both Gen Z and those aged 55+ share an equal likelihood (36%) of exclusively hiring professionals for their home improvement plans.
DIY work continues to feature prominently and is likely here to stay as the summer begins. Want to stay on top of the latest consumer home improvement insights? Work with us to see how CivicScience can help keep you at the forefront of the latest trends.