Shoppers are continuing to spend money for sprucing up their home.
The boom in home spending continues.
About three-quarters of shoppers are planning at least one home improvement project this spring, according to the Spring Black Friday survey by shopping and savings app Flipp. Nearly 80% are planning to spend between $100 and $5,000 for indoor projects, while more than 60% of respondents are planning to spend up to $500 on outdoor renovations.
The majority of purchases will be made in-store, the survey found. Over 40% of residents in both the U.S and Canada groups said that product quality is the most important factor in their purchasing decision, followed by price, and it is important for them to see the product in person before making a purchase.
The top three product purchase categories for indoor projects are paint, decor and home furniture. The top categories for outdoor projects are plants and flowers, gardening supplies and gardening tools.
Additional findings from the survey are below:
• The majority of home improvement projects in the U.S. will get started in March through May, while Canadian residents are more likely to wait to kick things off between April through June, the survey found.
• 90% of shoppers have flexible budgets to ensure they get the job done right. Most projects will take at least two weeks to complete.
• Many consumers plan to tackle more than one room, most commonly the shared spaces in the home. Nearly 40% plan to do work on the living/family room.
• Eighty-eight percent of shoppers will conduct research on the products they need, suggesting their home improvement purchases are not impulse buys.
• The top three categories for home improvement inspiration include online brochures/lookbooks, store websites, and social media.
• If lockdowns prevent in-store shopping due to COVID 19, the majority will switch to online shopping rather than abandoning the purchase.
Spring Black Friday typically runs from mid-March through mid-June, with retailers offering sales and deals to kick spring-summer selling into high gear. The awareness of the sales event however is currently at an all-time low, with only 20% of shoppers that are in the know in the U.S., according to Flipp. That number is even less for Canada at 9%.
“Spring Black Friday is a shopping event that slowly turned into a key sales season for home and garden retailers, but it’s still relatively unknown to consumers,” said Nafisa Kassam, chief deals officer, Flipp. “From indoor DIY projects, to outdoor patio makeovers, our focus is to generate awareness for the shopping event that no one’s heard of and inspire consumers to get started on their home DIY renovation project now!”