The COVID-19 lockdown prompted a large spike in DIY curiosity. This was exemplified by Kingfisher, the proprietor of B&Q and Screwfix, reporting a exceptional 146% improve in on-line gross sales from 2021 to 2023 final three years. Nevertheless, following this, the DIY market noticed a decline in 2022 because of the value of residing disaster. The monetary insulation loved by many UK residents throughout lockdown has dwindled and customers are placing rather more significance on worth in terms of residence enchancment.
This may be seen within the varieties of DIY initiatives customers go for. In lockdown, individuals may need had the time and discretionary earnings to construct bigger creations, like pizza ovens and bike sheds. Nevertheless, the present focus has shifted to small-scale DIY initiatives to save cash. Retailers have to be ready for customers eager to spend much less, both by permitting them to pay later or in instalments for costlier gadgets or by selling smaller, budget-friendly merchandise.
Purchase Now Pay Later
Customers have taken an curiosity in initiatives they understand to be long-term money-saving investments. For example, the surge in recognition of photo voltaic panels affords monetary and environmental advantages that outweigh their preliminary expense. The elevated recognition of extra versatile financing choices has made massive purchases like this extra accessible. Over half of internet buyers have used some credit score means to buy gadgets within the final 12 months, a major improve from 2022. A number of DIY retailers have recognised this rising choice for versatile financing, with B&Q providing Paypal Pay in 3 instalments and Wickes providing Klarna. Retailers within the DIY market should pay attention to this shift, as failing to supply such cost choices might end in missed alternatives for high-value gross sales, notably given the present financial local weather.
Discover Mintel’s DIY Market Analysis
Social Media
Manufacturers can use social media to spice up engagement with historically much less engaged demographics, together with ladies and youthful customers. TikTok, as a supply of inspiration for DIY initiatives, skyrocketed throughout lockdown, with a spread of viral traits, like renter-friendly hacks, sustainable repurposing, and deep cleansing ideas. Mintel’s analysis reveals that 20% of customers gained inspiration from social media to buy DIY or backyard merchandise within the final three months. In response to this DIY mania on Tiktok, retailers have taken to creating social media accounts to focus on DIY traits and provides recommendation and ideas, along with selling their merchandise.
Wickes’s TikTok account focuses on showcasing DIY initiatives created by their prospects, a technique that encourages buyer loyalty and exhibits appreciation to their clientele. In distinction, Screwfix focuses on its commerce audiences, promoting manufacturers equivalent to DeWalt and Makita naturally and unobtrusively. Creating content material that doesn’t really feel like promoting is essential for preserving prospects engaged.
Sustainability
From a sustainability perspective, customers expect extra transparency from retailers concerning their practices, particularly as consciousness round greenwashing grows. Merely buying awards just like the FSC Chain of Custody certification to validate responsibly sourced timber is not enough. Clients now look to manufacturers actively partaking in charitable and community-based initiatives. These efforts display a honest dedication to a extra sustainable future, finally bolstering model belief.
Outlining your sustainability objectives will increase model integrity. B&Q, for example, has devoted substantial effort to creating its accountable enterprise web page. They not solely contact on sustainability goals and achievements but additionally their charitable initiatives and their dedication to moral operations.
In our World Outlook on Sustainability examine, we discovered that 3 out of 10 customers really feel higher about shopping for secondhand or repurposed merchandise. This highlights a transparent alternative for retailers to make steps towards circularity. Initiatives like permitting prospects to hire instruments, as Travis Perkins does, or facilitating trade-ins of outdated instruments for a voucher will encourage individuals to proceed getting concerned in DIY whereas aligning with sustainable practices.
What We Assume
We’ve discovered that many web customers surveyed in our DIY Retailing examine didn’t commit to at least one particular model. Subsequently, there are alternatives to transform customers to your model and additional develop your corporation. Sustaining an ethos of transparency in all points of your operations is essential, this is applicable to sustainability efforts, chain of provide integrity, and promoting.
Streamlining the web buying expertise in your prospects can tremendously profit your corporation. This implies offering a spread of cost choices at the side of handy companies like click on and gather. Furthermore, over 20% of customers agree that residence enchancment retailers are overwhelming. To enhance in-store gross sales and domesticate a extra inviting setting for purchasers, retailers can prolong a serving to hand by providing bespoke companies, like timber chopping, paint mixing, and brick matching.
To delve deeper into our skilled DIY insights, check out our DIY Retailing Market Report, or signal as much as Highlight, our free e-newsletter for unique analysis.
