Essential reading for retailers and suppliers in the home improvement market

Bank surveys show strong signs for DIY

Published: 7 April 2009
Home improvement expenditure is still on the rise according to the latest research by Lloyds TSB, which found that in the 10 years from 1998 to 2008 DIY spending rose 42% from £7.7bn to £10.9bn.
Bank surveys show strong signs for DIY
In the same period, tradesmen recorded a decline of 11% in business, suggesting very strongly that consumers doing it for themselves have driven the annual rises.

Spending in 2008 was down on the previous year but, explained Lloyds TSB economist Nitesh Patel: "Such spending can be delayed during difficult times, however this can only be postponed for a limited time."

And, two surveys published this week suggest that an uplift may be just around the corner...literally.

Both Halifax Home Insurance and M&S Money conducted consumer research, which shows a large number of consumers are planning to use the Easter Weekend to do a bit of DIY. Halifax found that 34% were planning home improvements for the four-day weekend, while the same was true of 28% of those polled by M&S, two-thirds of whom would truly be doing it themselves rather than employing a tradesman.

M&S insurance manager said: "Easter is always a popular time of the year to get jobs done around the home. The current financial climate means that even more people will be having a go at DIY, either as an alternative to moving home or instead of employing a professional."

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