The Farnworth Group published a study that found that specialized retailers are taking more of the DIY market from big-box home improvement stores like Lowe’s and The Home Depot. Amazon is making its appearance as a favorite online home improvement source.
The study analyzed purchase behaviors among a variety of retail channels and different buying audiences, looking at in-store and online purchasing, category differences and top motivators. 44% of homeowners ages 45-54 turn to specialty retailers rather than big-box stores for flooring needs. Homeowners ages 18-34 are twice as likely as their parents to shop at a paint store. All homeowners agreed that getting the best deal and being able to shop online were key motivating factors.
Retailers and their manufacturers who understand the younger buyer are creating marketing strategies like innovative apps to reach their audience. Consumers are shopping for home improvement items online more than ever, and Amazon continues to increase its influence.
Home improvement stores still have most of the market, but increased competition from online and specialty retailers will require those retailers to focus on knowledgeable employees and local expertise.
Source: benzinga
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