market LOOK OUT FOR THE TRENDS AND OPPORTUNITIES

BHETA’s exclusive quarterly opportunity to see what the market data is saying about the DIY and home and garden improvement market in 2023 is available to members now. And it’s a fascinating picture of a sector still up on pre­pandemic levels by 3.5% (not to mention a new but here to stay pro­DIY, home / garden improvement mindset amongst consumers), but like everything else being squeezed by the rises in cost­of­living.

What is very clear when you drill into the figures, however is that not every category and not every channel is being affected in the same way. Some are down and some are signif­ icantly up, so it has never been more important to be fleet of foot and back the trends as they manifest and change.

Let’s start with the top line statistics. Based on 2023 Q1 and thanks to BHETA’S partner, GlobalData, while smaller DIY and garden projects are down by 1.8%, big home improvement projects involving bathrooms and kitchens have seen growth of 0.7%. Tools and fixings specifically declined 1.6% in the same period. However, while consumers are cutting back, and with a stagnant housing market, there has been reduced demand for DIY projects as people look to forgo or delay. However, while decorative DIY has been impacted, Heavyside and Lightside DIY much less so as they are protected from strong demand from trade. Across the sectors, and maybe not surprisingly, we are seeing evidence of the more premium retailers in the home improvement sector suffering more than the discounter brands who are generally seeing growth across the same categories.

Performance: Home Enhancement in Q1 2023

While the pressure is undoubtedly evident, likely to be alleviated in some areas by summer temperatures, the key tactic for suppliers and retailers is to embrace the reasons why our sector shows both shrinkage and growth at the same time. And of course, to be adaptable in order to back the winners at any given time.

So, what is going on behind the statistics?

While consumers are worried that they may not have enough money to complete the projects they still wish to pursue, they in ten homeowners doing work will make their homes ecofriendlier, with four of the top five eco home improvements tied to helping reduce energy consumption – eg solar panels and insulation. But it is not just about cost­saving. The desire to use natural materials in home décor like timber, stone and bamboo is a major trend. are looking to do less, but budget more. Despite these financial challenges, renovation is having a positive moment with nearly half of homeowners who do home improvement work at all undertaking full renovation projects. With the housing market as it is thanks to the mortgage crisis, a significant reason is that it is cheaper to do that rather than move.

So­called ‘part updates’ are also popular, with consumers replacing or even just painting over cupboard doors, tiles and even appliances – saving money but also waste.

Repurposing space is also a key trend. Creating better storage (up 29%), walk­in wardrobes, saunas, home bars, games rooms and playrooms are all opportunities as homeowners aspire to utilise the changes made while homeworking to re­engage with fun and the fulfilment of other needs. The ever­popular grey is now being challenged by earthy colour palettes, curves, and broken plan has now taken over from open plan. Homeowner priorities are shifting from maximising space to optimising design, and safety, security, accessibility, cleaning and eco are big opportunities.

There is also a big opportunity for green improvements. Nine

CONCLUSION...

The market is challenging, but the opportunities are very much available for suppliers and retailers, if consumer priorities in this rapidly changing world are fully embraced. BHETA has access not only to the data but also the trends and never has this knowledge been more important.

For more information about BHETA advice and services, contact the BHETA Member Services team on 0121 237 1130 or visit the BHETA website www.bheta.co.uk