American homeowners are planning to drop a pretty penny on springtime home-improvement projects.
UBS’s survey of 2,000 adults found that 59% of respondents are gearing up to tackle a home-improvement project in the next three months. That figure is up three percentage points from last year. These homeowners are primarily driven by an interest in improving their home’s look, fixing broken stuff around the house, and taking on projects that they’ve put off.
The report from analysts Michael Lasser, Atul Maheswari, Michael Goldsmith, and Mark Carden also found that a total of 60% of respondents plan to hit up either Home Depot or Lowe’s to stock up on all the necessary home-improvement gear.
A total of 39% of homeowners expect to get their supplies at Home Depot, while 21% are planning on a Lowe’s run.
These two groups of consumers are propelled by different motivations, too. Of the Home Depot shoppers, 21% said they wanted to take advantage of the chain’s low prices. Lowe’s tended to attract people who live near its stores.
One thing the entire group of prospective customers has in common, though, is a desire to drop a significant chunk of change on these projects. Respondents plan to spend $6,360 on average — up 19% from last year — on home improvement in the coming months. And 66% of respondents said they have all the money they need to finance the work.
This uptick in potential spending would be good news for Home Depot and Lowe’s. Other analysts, such as Credit Suisse’s Seth Sigman, have predicted that year-over-year increases in home-improvement spending will slow in 2019.