June 4, 2014 6:18 am
Overall, home improvement spending is expected to grow 6.8 percent this coming year to nearly $313 billion in 2014 (Home Improvement Research Institute). FatWallet's tools shopping survey also reveals that 87 percent of those that buy tools will spend up to $250 on tools this year (13 percent will spend more than $250).
Key Results from the Survey:
How Often: Eighty-one percent purchase tools at least once this year, and 40 percent more than once (50 percent under the age of 40). Twenty percent buy tools three to four times a year (25 percent for those w/children). Nineteen percent have "never" purchased tools (13 percent of males).
Best Time to Buy: Thirty-nine percent say Father's Day is best time to find deals on tools, more than Black Friday (18 percent), Cyber Monday (1 percent) and December Holiday (12 percent) combined. Thirty percent said Spring Sales offered the best tool deals.
Tool Spend, or Not: One-third of males said the only thing to stop them from buying tools is if they "run out of money." Fifty-eight percent will spend less than $100 while 29 percent will spend between $100-$249 (36 percent under the age of 40). Thirteen percent will spend $250+. On the contrary, one-in-four said they either have way too many tools or are too busy to take on home projects and one-in-five admit they have tools they've never used before.
High Demand: Lawn and garden tools are most coveted (38 percent), especially for females (46 percent) and those with children (44 percent). Cordless-combo power tool kits and hand tools (20 percent) are next followed by power drills (15 percent), tool box/storage (13 percent) and circular saws. Note: two-thirds of respondents say Quality/Durability is the most important feature for power tools.
Top Brands: Four-in-ten choose Craftsman as their most desired tool brand, while 26 percent like Black & Decker, 19 percent go for DeWalt, and 5 percent or less would choose either Makita, Ryobi, Bosch or Milwaukee.
"Technology allows us to build and repair stuff around the home–faster, easier and cheaper than ever before," stated FatWallet spokesperson, Brent Shelton. "Deep discounts online for newer tools and tech gadgets during Father's Day promotions have created a windfall of savings and selection for early June shoppers."
Published with permission from RISMedia.