Research Exposes Home Improvement Professional Market’s Uphill Battle to Stability
The insights experts at Catapult Insights recently partnered with online sample provider Full Circle Research to get a pulse on home improvement professionals in the US. And despite booms in new home construction, and record sales in home improvement stores, the reality presents an environment still plagued by inflation, supply chain issues and staffing shortages.
Inflation’s impact is growing. Nearly three-quarters of professionals (including plumbers, home builders and electricians) say that inflation has impacted their revenue over the past year. Two-thirds expect it to impact revenue over the next year.
Supply chain issues remain prevalent. Two-thirds of professionals say their revenue over the past year has been impacted by supply chain issues and over half expect those issues to still be present in the next year.
Staffing issues are expected to persist. Nearly half of the professionals we surveyed say that they experienced staffing issues over the past year and a third expect those issues to continue.
So how can durable goods brands sustain profitability?
Attack supply chain issues head on. Build trust with home improvement professionals and stand out from your competition by being transparent. If you cannot guarantee delivery of product in a certain timeframe, proactively propose achievable alternatives. Simultaneously, be wary of ramping up production too much. Flooding the market when the economy is dipping and consumer spending might be tightening can wrack up holding costs. Balancing operations requires vigilant attention.
Recognize that your target professionals and DIY consumers are often competing for the same products on-shelf. Home improvement retail giants Home Depot and Lowe’s are king with professionals, with 84% and 75% reporting shopping there for business supplies. So, what happens when supply chain issues limit or delay product availability? They’re not only competing with each other, but also with consumers for valuable supplies. Consider exploring additional ways to help professionals and consumers navigate the retail shopping experience to streamline access to your products.
Increase focus on B2C marketing. Staffing issues and increased costs associated with hiring a home improvement professional may drive more consumers to consider DIY solutions (our soon-to-be-released Homeowner Home Improvement Survey data supports this as well). Consider your role in helping consumers successfully navigate these projects. Perhaps leverage this scenario to build bonds with consumers and create lifelong loyalty.
Catapult’s Homeowner Home Improvement Survey results will be available soon. To get a first look, contact us at firstname.lastname@example.org.
About the Survey
To provide the greatest value to its clients, Catapult Insights invests in consistent consumer research, especially within hard-to-reach audiences. For this Professional Pulse Survey, Catapult tapped online sample provider Full Circle Research, the industry leader for high-quality data, programming and hosting. This study was conducted from June 10 to July 13, 2022, and captured insights from 318 home improvement professionals in trades across the industry spectrum. To learn more about the survey, contact Catapult Insights at email@example.com
About Catapult Insights
Catapult Insights in an outcomes-focused insights and innovation consultancy that uses research as a foundational tool to help brands grow, evolve and future-proof their businesses. Catapult creates customized creative solutions to tackle specific needs, adapting their approach to answer clients’ biggest questions. Their robust suite of research methods and consulting approaches gives clients an accurate picture of people today: their needs, motivations and behaviors, as well as a predictable view into the future.
About Full Circle Research
Named the 2021 Panel Company of the Year by The Marketing Research and Insight Excellence Awards (powered by Quirk’s) and a staple on Inc. 5000’s Fastest-Growing Companies (‘17, ‘19, ‘20, ‘21), Full Circle leads the industry in data quality and niche communities. The only US-based, online consumer sample provider certified to ISO 26362; now certified to ISO 20252; and the Promoter of #QualityForAll, Full Circle’s award-winning survey experience HoNoR (Holistic Next-Level Research)® marries advanced tech, flexible community strategies and industry-leading quality controls to deliver immediate access to proven-purest data. One of the highest-scoring businesses on Inc.’s 2022 Best Workplaces list, Full Circle’s foresight, agility and innovations are a direct result of a uniquely consultative approach delivered by diverse industry veterans. To learn more, visit iLoveFullCircle.com