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DIY & Gardening Sales
DIY & Gardening sales fell 00% YoY in April, against exceptionally strong 00% growth over the same period last year, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted).
It was the wettest April for five years, delaying the gardening season and dampening consumer demand as a result. As the cost of labour and materials rise significantly, consumers are thinking twice before investing in major home renovations (e.g. extensions, new kitchens), but smaller DIY projects and cosmetic makeovers are proving resilient.
Online Household Goods sales declined by -00% YoY in April, compared with 31.4% growth a year ago.
Inflation to lead consumers to cut back
Inflation hit a 40-year high of 9.0% in April, driven by: the step up in Ofgem’s energy price cap, VAT returning to 20% for hospitality, and the National Insurance rise.
As cost-of-living concerns deepen, consumer confidence fell to -40 in May, the lowest level since records began in 1974 (GfK).
Such levels of confidence historically translates into consumers resorting to more recessionary behaviours.
As high inflation constrains consumer budgets for major home renovations, a switch in focus to smaller DIY tasks is expected, particularly as many consumers adopt an ‘improve not move’ mentality.
The second-hand economy (e.g. upcycling, repairs) is also likely to take on greater importance as cash-strapped consumers look for affordable ways to make improvements to their living spaces.
Despite cost-of-living pressures, home improvements remain a priority for many, with 40% of consumers saving up to invest in their homes in 2022, whether DIY projects or cosmetic changes.
Lockdown highlighted the importance of domestic environments with many timid DIYers finding success and gaining confidence to continue investing in home improvements.
However, we still expect DIY & Gardening sales to dip over 2022, reflecting tough comparisons and a harsher macro backdrop.
Retail Economics forecasts DIY & Gardening sales to fall 00% YoY, with total sales amounting to £00.
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Consumer confidence falls to lowest level on record
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Retail Economics publishes monthly Retail Sector Reports for the UK DIY & Gardening sector giving you actionable insights for your business.
It provides in-depth analysis of the latest macroeconomic and consumer trends affecting the DIY and Gardening sector including market size estimates for: Gardening, Power Tools, Gardening Tools, Other DIY and more. Explore below…