Are we heading for a home improvement boom?
New research from Deceuninck suggests that the UK window and door industry could see a home improvement boom.
The new study found that almost a third of homeowners delayed their home improvement plans because of the cost-of-living crisis.
Commissioned by Deceuninck and conducted by leading national consumer research specialist YouGov, research also reveals that the 35-55 age group were most likely to have sat tight (35%).
Darren Woodcock, general manager, Deceuninck, said that improving economic conditions combined with the release of this latent demand, laid the foundations for potential growth in the home improvement sector.
“We know that a significant number of homeowners held off home improvement spend last year and into the first half of this year as high inflation squeezed household budgets,” said Darren.
“We’ve since seen a cut in the base rate and falling inflation, each important influences on consumer confidence and ultimately, homeowners’ willingness to spend on their properties.
“There are still a number of external political factors which have the potential to derail recovery, those aside, a delayed spend in the first half of this year and improving economic conditions, should deliver a far more promising outlook for retail.”
According to official figures, the UK economy grew by 0.6% between April and June. This follows 0.7% growth in the first three months of the year.
UK inflation has also dropped to 2.2%in June, where it remained in August in line with Bank of England forecasts, with analysts suggesting a further cut in the base rate is likely in November.
The Deceuninck commissioned research also reveals that a quarter of homeowners expect to spend more than £3,000 on home improvements over the next two-years.
7.1% of 35-55-year-olds and 6.5% of under 35s were also prepared to spend between £7-10K on home improvements. This compares to only 3.9% of the over 55s.
Darren continued: “We know that from previous research that the over-55s were the age group most likely to have brought forward spend on home improvement in the covid-boom.
“They are also an age group to have been least likely to have delayed spend because of the cost of high inflation in the second half of last year and first half of this.
“This makes the 35-55-year-old and under 35 age groups a key target demographic for window and door retailers this year and into 2025.”
The Deceuninck research also highlights the enduring appeal of windows and doors as an energy efficient home improvement, cited by 11% of homeowners – the second most popular energy saving after a new boiler.
Windows and doors were also the go-to energy saving improvement for the 35-55 age group, cited as their first choice by 14% of respondents. This compares to 7.8% of the over 55s.
Survey results also highlighted the importance of the availability of finance in driving home improvements, particularly the under 35s (40%) and 35-55s (33%).
Homeowners of all ages said that the availability of green home improvement grants (50%) and a cut in VAT on energy saving products (25%), would make them more likely to invest in energy efficient home improvements.
When asked where they would source new windows and doors homeowners expressed a strong preference for independent local retailers 60%.
The survey also highlights the overriding importance of word-of-mouth 70%, and access to a physical showroom 35%. Google reviews (47%) and website case studies were also important in driving confidence (21%).
45% of respondents said that a desire to lower their carbon footprint directly impacted their home improvement purchasing decisions, while reducing their carbon footprint and recyclability are most important to the under 35s and 35-55s (29% and 26%) respectively.
“Darren continued: “Sustainability is important, we know that it’s a driver for all age groups but what we’re seeing is a growing importance among younger and future homeowners.
“The work that we’re doing as a business to deliver a lead to the window and door industry on this front, generates a unique opportunity for Deceuninck customers going forward.”
