Home Improvement Industry Trends 2017 – As mortgage rates and home prices rise, more and more Americans are choosing to stay in their existing homes. With new construction projects on the decline and home remodeling and DIY projects on the rise, it’s no surprise that the home improvement market is strong.
As mortgage rates and home prices rise, more and more Americans are choosing to stay in their existing homes. This has led to a decrease in new construction projects and a corresponding increase in home remodeling and do-it-yourself (DIY) projects. Combine that with the constant explosion of DIY blogs, how-to videos, and hobbyists, and it’s no wonder the home improvement market is strong.
Home Improvement Industry Trends 2017
Total consumer spending on DIY, furniture, and homewares in the U.S. in 2018, according to our Retail Insight solution. amounted to 732 billion USD, and per capita – USD 2,240, which is 5% more than in 2017. Retail sales in the DIY and furniture markets with a store totaled $282 billion. USD. sales account for 90% of these sales. Clearly, in-store sales still make up the lion’s share of retail in this market – like other big-ticket categories, it’s a space with a strong try-before-you-buy ethos, with a core clientele of DIY professionals and hobbyists.
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DIY and home furnishing have exploded in the online channel as well. Online sales of these two categories in 2018 increased by 16% – it is becoming more and more convenient for customers to buy tools and furniture online. Action images and online reviews are slowly replacing the experiential process of holding and “trying on” these items before buying, with detailed product information pages and their images, descriptions and reviews giving consumers a new retail experience. And traditional brick-and-mortar home improvement retailers know this.
The expansion of brick-and-mortar retailers to e-commerce. merchandising is not new, and access to an unlimited digital shelf, free shipping and lower prices are no longer the only differentiating factors.
Leading home improvement retailer Home Depot’s initiatives to combat pure play (and other) competition by offering price matching and in-store pickup for faster delivery times were welcomed by a strong 22% of e-commerce. trade sales growth in 2018 – lights the way for home improvement. Omnichannel retailers can use their physical presence to meet shorter delivery times and hands-on retail with in-store services to gain an edge over their online competition.
Now we will examine e-mail. trade pricing and promotional trends in the two leading DIY/home furnishing categories – faucets and power tools – across Amazon and leading omnichannel retailers, with a focus on Black Friday and Prime Day.
Home Improvement Trends In Tools And Faucets
Expanding to e- merchandising, specialty home improvement retailers can cut through the noise and increase sales by informing customers of promotional discounts in advance of a promotional event.
Power tool sales increased evenly across all retailers, starting well before Black Friday and continuing through the end of December. During this period, only Home Depot, Lowe’s, and Walmart advertised faucets.
Of the retailers analyzed, Home Depot had the smallest selection of advertised power tools, while Menards had the largest. Home Depot and Menards offered their line of power tools at the biggest average discounts of 20% during the period.
Meanwhile, Walmart had the largest selection of promotional kitchen faucets, while Lowe’s had the smallest. Home Depot and Lowe’s offered the biggest discounts on their faucets, 18% and 19%, respectively, as of 2018. end of October to December
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It’s also important to understand Amazon’s pricing and advertising trends—first, because of the rapid explosion of the DIY/home furnishing category in the digital space, and second, because consumers here are different from traditional DIY retailers.
Amazon has its own unique customer base and offers brands an additional way to sell their products to customers with a rather different DIY mindset. These include repeat customers who buy tool accessories and replacement parts, first-time customers who don’t necessarily want to try products before they buy and rely entirely on ratings and reviews, customers who need a quick home improvement, and more.
However, Amazon’s advertising performance has been relatively stable, and advertising discounts have remained small compared to its omnichannel competitors in the category. The e-commerce giant consistently ranked last or second among the retailers analyzed, perhaps indicating that DIY enthusiasts are more likely to find similar or better deals on power tools and mixers on specialty retailer platforms. Even Amazon’s Prime Day promotions were no match for its omnichannel competition.
Despite the general lack of competitive stocks, in 2018 sales in the Power Drills category increased nearly 30% during the week of Black Friday. Indeed, most of Amazon’s products in this category were competitive with omnichannel competitors, and Amazon’s aggressive pricing strategy allowed big stores to defend themselves.
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For example, Amazon offered competitive prices on several popular items under Combo Kits, which forced omnichannel retailers to lower prices on the same items.
For example: In late October, the Dewalt 20-Volt Max Lithium-Ion Cordless Combo Kit 4-Tool DCK420D2 was $279 at Amazon, Home Depot, and Lowe’s. But in early November, Amazon dropped the price to $249 (down 12 percent), while Home Depot’s price remained steady, and Lowe’s actually went up over Black Friday weekend. And while Home Depot matched Amazon’s price after Black Friday, Lowe’s didn’t price match until 2019. February.
Kohler and Kraus, the market share holders for kitchen faucets, are battling it out for Amazon’s market share — Kraus seems to be winning. in 2018 Kohler began to lose market share to Kraus in the late 1990s, around which time Kraus appears to have increased the average discount on its products. The charts below show that Kraus’ competitive pricing may be a factor in Kohler’s loss of market share to Amazon.
In 2019 Kohler lost about 30% in the first quarter, while Kraus’ market share almost doubled. Our data suggests that this may have been due to Kraus winning the war on prices and shares.
Apac Diy Home Improvement Market Analysis
Kraus advertises its faucets more than Kohler, with Kraus advertising 75% of kitchen faucets on Black Friday compared to Kohler’s 46%. In addition, during 2019 in the first quarter, only 5% of Kohler faucets were advertised on Amazon, compared to 40% of Kraus faucets.
From 2018 in November until 2019 March. Kraus’ average discount increased from 4% to a maximum of 18%. Meanwhile, the average discount on Kohler kitchen faucets was 10-12%. Kohler items are already generally relatively larger than comparable Kraus items.
A simple price comparison between similar items made by the two brands may indicate that price is the cause of Kohler’s losses.
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