Changing dynamics in home improvements
The home improvement sector has known for some time that homeowner confidence to purchase technical products is on the rise. A new data tool from Eureka! now helps shed new light on this major market trend.
Our new research report on this topic is now available and can be downloaded here completely for FREE.
Eureka! have developed a unique ‘basket of goods’ which includes showering, taps, and sanitaryware amongst other heating and plumbing items. We have pulled together data from over the past 5 years to show how behaviour and attitudes to purchase has evolved over this time period.
In 2014, over 4 in 10 homeowners stated that they would not be confident purchasing these sorts of items. Over the space of just five years, this figure has dropped by half, meaning that around 80% of households would now potentially look at buying at least one of these products themselves.
As well as retailers, this trend has some profound implications for professional tradespeople. Many will have to face a new reality where they support a homeowner with their choices and provide a 'fit only' price.
What is the best way to measure these changing dynamics in the home improvements sector?
To help brands and retailers better understand this fundamental shift, Eureka! have developed a bespoke 4 stage hierarchy for the sector, “The 4 Cs”:
Confidence to explore
Considering the options
Conviction to purchase
Courage to install
Eureka! believe that by measuring how many homeowners move up “The 4 Cs”, we can begin to track which categories are becoming most favourable to the consumer, which can in turn inform retail activation and digital strategy.
The model can also be used as a tool to ascertain how influential a powerful consumer-friendly brand can be in the decision journey. This framework will work across many parts of the home improvement category including bathroom, kitchen, heating, decoration and even smart technology.
The latest Eureka! Basket of Goods measure shows that:
55% would potentially purchase a bathroom tap themselves
53% a kitchen sink
52% a shower
39% a bathroom suite
30% a radiator
21% would even consider purchasing a boiler themselves, and 9% underfloor heating
Dave Ruston, Director at Eureka! Research observes “Consumer confidence is rising particularly rapidly amongst younger homeowners and those with more disposable income. Our tool helps stakeholders in the home improvement market begin to consistently measure one of the most fundamental shifts seen in the plumbing and heating sector for decades.”
Our full report which explains how the Consumer Model works can be downloaded here completely for FREE.
For more information about our work in the home improvement sector please visit our sector page here.
If you would like to discuss how this framework could better help you understand purchasing decisions in your specific market then please drop us a line.