43% are interested in learning more about financing providers given the current economic uncertainty
In 2022, Financeit partnered with Leger, a leading Canadian marketing research company, to take the pulse on the Canadian home improvement consumer market. We surveyed 1012 homeowners in Canada between October 21st and 23rd, 2022 using Leger’s online panel to better understand their attitudes towards accessing and using credit products in the next 12 months.
The home improvement market is at risk of decline over the next 12 months.
- 39% of Canadians surveyed on postponing or reducing the scope of their renovation
- 18% plan on postponing their renovation plans for at least 12 months or indefinitely
- 7% will go ahead but will complete a smaller renovation than originally planned
- 3% will be moving their plans ahead and starting sooner
When it comes to funding home improvement projects, many Canadians are not aware of the tools at their disposal.
- 63% of homeowners who are going ahead with their renovations say they would use savings for these projects
- 21% of homeowners would likely borrow from an external lender to pay for renovations or upgrades
Now is the perfect time to integrate a financing program into your home improvement business and educate consumers on how to use it to manage their household budget.
- 23% are aware of financing that is offered directly through a contractor
- Only 4% of those who are aware of this type of financing have used it in the past
- 12% of homeowners would likely use consumer financing to fund their renovation project if it was offered by a contractor
- 59% would feel more comfortable using financing programs if they knew more about them
- 43% are interested in learning more about financing providers/plans given the current economic uncertainty
By integrating financing programs, you can help your customer complete their renovation project and keep their savings for a rainy day.
Click here to read more about this consumer survey.