Homeowners Shop 'Till They Drop -- as Long as Home Improvement Retailers Offer Product Availability, Economy and Convenience
Hartford -
NORWALK -- Today's homeowners overwhelmingly head to the home center when it comes to home improvement products, with 67 percent of homeowners opting for the big box for a broad range of products.
But consumers put product availability, a good value and convenience first when choosing their home improvement shopping destination, according to a new survey from the National Hardware Show(R) and the Home Improvement Research Institute (HIRI).
The survey of more than 3,000 homeowners was conducted by HIRI to determine where consumers shop for home improvement products and their reasons for choosing a specific retailer. It also evaluated who purchased products from contractors and how they selected the contractors they used. In the study, HIRI reviewed 15 product categories for home improvement purchases, including building materials, ceilings and floor coverings, doors and windows, electrical and lighting, hardware, hand tools, HVAC, appliances, kitchen and bath, lawn and garden, lumber, paint and accessories, plumbing, power tools, and wall and window coverings.
"We were excited to gain a better understanding of how homeowners determine where they want to shop for various products and what influences their purchases," said Rob Cappiello, industry vice president for the National Hardware Show. "Our focus is on bringing retailers and product manufacturers together to deliver great products to consumers, and this new information about their purchasing patterns is extremely valuable in how we do that."
Key findings of the study include:
Some 70 percent of all respondents purchased products themselves while 81 percent of those purchases were used in DIY projects.
Approximately 30 percent hired someone to purchase products for their projects.
Of the purchases, 67 percent were made from home centers, while hardware stores ranked second with 8 percent of purchases.
Paint and sundries were purchased most frequently, representing 28 percent of purchases, followed by electrical/lighting at 17 percent and plumbing at 16 percent.
Consumers select their retailer based on product availability (41%), economy (39%) and convenience (35%).
Lower prices weren't the main concern, as only 5 percent mentioned lower prices as a reason to shop in a location, while 14 percent said reasonable prices were important.
One-quarter of respondents said that a location close to home was important, while 24 percent said having the product they wanted was a key driver.
The study also found that there are interesting linkages between product categories when consumers are purchasing for their projects. Findings include:
Hardware and hand tools are frequently purchased with lumber and building materials, electrical supplies and paint products. Power tools and lumber also are typically purchased together.
Nearly 70 percent of paint purchases were made in home centers. Those homeowners who went to specialty stores mentioned good product availability as a reason to shop there 31 percent of the time.
Home centers also were the source for 72 percent of electrical and lighting purchases and 71 percent of plumbing products.
When it comes to flooring, 69 percent of consumers opted for home centers, while 14 percent shopped in specialty stores.
For lawn and garden, discount stores ranked second with 10 percent of shoppers and home centers garnered the top spot with 61 percent.
Hardware stores continue to draw shoppers for the core hardware category with 10 percent of the audience, and home centers drew 72 percent, which parallels the sales of hand tools. Two-thirds of power tools are sold at home centers, with no clear contestant for second place.
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member companies and is geared to meet the needs of the Institute's membership base while gathering data which accurately gauges trends in the market.
HIRI is a 23-year-old trade association that conducts a broad range of research on the home improvement industry. Members pool their resources through annual dues to conduct forecasts of industry size and trends, detailed profiles of consumers, and studies of the practices and needs of remodeling professionals. For the $10,000 annual dues, HIRI members are receiving over $600,000 worth of research in 2005. Non-members can purchase research reports after member-exclusivity expires. For more information about HIRI, its research and membership, visit www.hiri.org or call 813-627-6750.
For more information on the National Hardware Show in Las Vegas, visit www.nationalhardwareshow.com.
Reed Exhibitions, which manages more than 420 events worldwide, is a member of Reed Elsevier Group plc, a world-leading provider of information-driven services and solutions. Reed Exhibitions offers integrated market access programs covering exhibitions, trade publications, direct marketing and the Internet to a database of 3.5 million in North America. Reed has North American offices in Norwalk, Conn.; Newton, Mass.; Palm Beach, Fla.; Las Vegas and Toronto, and sales and operations offices worldwide. (NYSE:RUK) (NYSE:ENL).
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Lowe's Home Improvement Announces Expansion Into Canada
Toronto to be Site of Company's First Stores Outside the United States
Lowe's Companies, Inc. (NYSE: LOW - News) announced today the company plans to build on its aggressive expansion plan by extending the reach of its stores into Canada. Lowe's expects to open its first Canadian stores in Toronto in 2007.
"Building on Lowe's home improvement expertise and passion for outstanding customer service, extending our business into Canada is not only a logical expansion of our growth strategy, it's a tremendous opportunity to serve a vibrant, growing home improvement market," explained Robert A. Niblock, Lowe's chairman, president and CEO. "Canada is a unique market, and we believe the Lowe's shopping experience will be attractive for Canadian homeowners and commercial customers.
"We look forward to serving these new customers with innovative, quality products at competitive prices, in a superior shopping environment and the outstanding customer service Lowe's customers have come to expect from us for the past 59 years."
Initially, Lowe's plans to open six to 10 Home Improvement stores in the Toronto market in 2007, creating approximately 1,700 new Canadian jobs. Long-term plans include the potential for as many as 100 Lowe's stores in Canada as the company continues to evaluate additional opportunities for future expansion.
Lowe's will establish an office in the Toronto area later this year, which will be led by Doug Robinson, newly named president of the Canada operation. Over the next several months, Robinson will build a team to manage the company's entry into Canada and ongoing operations to best serve the unique needs of Canadian customers.
Robinson, 45, joined Lowe's in 2003 with more than 20 years experience in the home improvement industry. Most recently, Robinson served as vice president of special projects. Prior to joining the company, he was president and CEO of ARXX Building Products in Ontario, and previously served as president and CEO of Beaver Lumber Company headquartered in Toronto. Robinson will report to Greg Bridgeford, Lowe's executive vice president of business development during the market entry planning phase. When stores become operational, he will report to Niblock.
Statements made in this release may include "forward-looking statements," as such are provided for by the Private Securities Litigation Reform Act of 1995 (the "Act"). All statements other than those reciting historic fact are statements that could be "forward-looking statements" under the Act. Such forward-looking statements may be found in, among other places, the discussions, presentations, or comments from management regarding the company's future operations and performance; proposed new locations, products, services, or developments; conditions or performance of the domestic economy; and any statement of an assumption underlying any of the foregoing. Statements containing words such as "expects," "plans," "strategy," "projects," "believes," "opportunity," "anticipates," "desires," and similar expressions are intended to highlight or indicate "forward-looking statements." Although the company believes that the expectations, opinions, projections, and comments reflected in our forward-looking statements are reasonable, it can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by our forward-looking statements including, but not limited to, changes in general economic conditions such as interest rate and currency fluctuations, rising gas prices, and other factors which can negatively affect customers, as well as the company's ability to: (i) respond to a decreases in the number of new housing starts and the level of repairs, remodeling, and additions to existing homes, as well as g
contained in the news release, or materials referenced herein, are based upon data now available and speak only as of the date of this release. We expressly disclaim any obligation to update or revise such statements, whether as a result of new information, change in circumstances, future events, or otherwise.
With fiscal year 2004 sales of $36.5 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 11 million customers a week at more than 1,100 home improvement stores in 48 states. Based in Mooresville, N.C., the 59-year old company is the second-largest home improvement retailer in the world. For more information, visit http://www.Lowes.com .
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Source: Lowe's Companies, Inc.
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