Home improving beats home moving
Brits favour home improving over home moving, as DIY spending has soared 42% in real terms since 1996 to reach an average of £211 per person in 2015, according to research from MBNA.
Since 2008, property sales have increased by 39 per cent, hitting 1.1 million across the UK in 2015. By contrast, spending on DIY has seen massive growth of 57 per cent over the same period.
Middle-aged men dominate
Men continue to account for the majority of DIY-related purchases with 69 per cent of all transactions, spending an average of £267 in 2015. Women spent just £120 on DIY in 2015, a decrease of 6 per cent over the past two decades.
The report also noted that 45 – 60 year olds are the keenest home improvers, making 4.8 per cent of their total purchases on DIY and spending an average of £240 on DIY each year. Conversely, the under 30s spent only 2.8 per cent of their annual budget on DIY, a mere £108 per year. This sum has actually decreased by 32 per cent since 1996.
Alan North, director of credit and analytics at MBNA, said: “Movements in DIY spending over the past 20 years have been driven by a range of factors including economic growth, rising incomes, online shopping, special offers and, of course, the numbers of people moving home.”
“Innovation and new technology have also made it easier for us to ‘do it ourselves’. Innovation will continue to drive demand in the DIY market. Popular DIY items have changed markedly over the years, driven in part by the advent of new technology and web functionality. Today’s hits include Wi-Fi-enabled alarms, digital laser measuring devices and LED lighting, items that did not exist back in 1996.”