Against the wider backdrop of the cost-of-living crisis – and with no immediate sign of relief for consumers or businesses – Eureka! have taken the pulse of consumers in relation to their home improvement plans this year.

Overall the RMI sector can take some reassurance from the fact that two-thirds of households are still planning work to their property that will require paying at least one tradesperson in 2023.

Eureka! have also uncovered which trades are most likely to be in demand in 2023. Amongst the  homeowners who signalled they are planning work or projects, the most frequently mentioned jobs in the pipeline are with:

• Plumber/heating engineers (46%)
• Painter & decorators (30%)
• Electricians (27%)
• Multi-skilled (19%)
• General builders (19%)
• Fenestration (19%)

The full list of the most popular trades upcoming for 2023 can be seen in Eureka’s article here: https://www.eurekaresearch.co.uk/how-many-households-are-planning-work-to-their-property-in-2023/

Consumer demand is forecast to be very ‘bumpy’ throughout 2023 – we can expect to see demand being most resilient amongst consumers who own their homes and those in the highest earning brackets.

Eureka! also suggests that in the context of the home improvement sector, there could be a real squeeze on brands who position themselves in the ‘middle ground’ in their category. Growth is more likely to come from those buying at the premium end of the market, or those looking for good value for money at the other end of the spectrum.

Around 8 in 10 higher earners intend to bring a professional trade into their home at some point during this year; suggesting a very strong year ahead for those positioning themselves at that end of the category.

Dave Ruston, director at Eureka! Research, commented: “We’re hearing that order books for the most skilled tradespeople are still really healthy – which is rather contrary to the doom and gloom we keep hearing from economic forecasters.

“I think the sector still needs to be on the front foot however as a challenging year still awaits many consumers which will inevitably dampen demand for bigger ticket items such as extensions, kitchens and bathrooms.”