- More than half of Americans are unwilling to put their homes
on the market, fearful of giving up low-rate mortgages and being
forced to take out loans that are much more expensive; however, 2
in 3 homeowners say they plan to make home improvements in the next
six months to a year
- More than 2 in 5 homeowners, particularly millennials, admit
they have given up on a project altogether due to a lack of
necessary tools
- CRAFTSMAN is currently offering holiday deals online and at
participating stores for homeowners looking to save on tools for
their next project
- In addition, CRAFTSMAN is helping to provide access to tools
and education to homeowners by donating up to $100,000 in products to maker spaces across the
U.S.; Maker spaces will hold workshops on basic to advance home
project skills such as carpentry, woodworking and general home
maintenance
TOWSON,
Md., Dec. 5, 2023 /PRNewswire/ -- A new survey
released today from Stanley Black
& Decker's (NYSE: SWK) iconic CRAFTSMAN® brand
examined the impact that higher lending rates have on U.S.
homeowners and their home improvement decisions, and found nearly
two-thirds of homeowners (65%) see home improvement projects as an
alternative to buying a new home, given high interest rates in the
housing sector.
Experience the full interactive Multichannel News Release here:
https://www.multivu.com/players/English/9120354-craftsman-home-field-advantage-survey-home-improvement-trends/
"We set out to further explore the impact today's housing
climate has on Americans, and found that many homeowners would
rather roll up their sleeves to tackle home improvement projects on
their current home than give up their coveted low-rate mortgages
for a new home," said Doug Redpath,
President, Hand Tools, Accessories & Storage, Stanley Black & Decker. "Whether it's a
kitchen revamp, built-in closets, or building a backyard oasis,
CRAFTSMAN has the tools homeowners need to transform their current
home into their dream home."
The CRAFTSMAN Home Field Advantage Survey also unveiled a
variety of insights that are steering home improvement trends this
year:
- The reason for the project: The primary reasons for a
home improvement project are to create more comfortable living
environments (52%), to enhance the aesthetic appeal of their home
(50%) and to improve overall home value (47%).
- The most popular areas for improvement: The most
commonly considered projects include painting (51%), bathroom
improvements (44%) and kitchen improvements (41%).
- The desired budget: More than half of homeowners (54%)
surveyed say their approximate budget for their home improvement
project is $5,000 or more, and over a
third of homeowners (37%) say their budget is more than
$10,000. However, those who have
refinanced their mortgage in the past three years have a much
higher budget with nearly 2 in 3 (64%) saying their approximate
budget is more than $10,000.
- The timeline: 3 in 5 homeowners (60%) say they have
tried to execute a home improvement project themselves in the last
12 months, while 2 in 3 (66%) say they plan to make home
improvements in the next six months to a year.
- The tools homeowners want to use: When it comes to
sourcing tools, 64% of homeowners surveyed show a tendency to buy
the necessary tools rather than borrow. For homeowners looking to
save on tools for their next project, CRAFTSMAN is offering the
following holiday deals available in-store and online at
participating Lowe's and ACE Hardware stores:
- Get a free CRAFTSMAN 4Ah battery**, an estimated $119 retail value, with the purchase of select
V20* combo kits. Plus take an additional $20 off select V20* outdoor power equipment combo
kits, while supplies last.
- Save up to $60†
on select OVERDRIVE™ mechanics tools backed by CRAFTSMAN's full
lifetime warranty.
- For more details and to shop these promos, visit
www.craftsman.com.
- The challenge homeowners face: More than 2 in 5
homeowners (44%), particularly millennials (63%), admit that they
have given up on taking on a project altogether due to a lack of
necessary tools. Most homeowners attribute their lack of tools to
the cost of tools (47%), having a limited knowledge about which
tools are needed (36%), or a fear of not using the tools often
enough (50%).
Understanding 3 in 4 homeowners (76%) say they would consider
using a maker space and/or tool library to access tools for future
home improvement projects, CRAFTSMAN is donating up to $100,000 worth of products to four maker spaces
throughout the U.S. As part of this initiative, each organization
will hold various CRAFTSMAN sponsored workshops throughout
2023-2024 for participants to learn how to accomplish basic to
advance home projects such as carpentry, woodworking, general home
maintenance and more. Partnering organizations include the Denver
Tool Library, Asheville Tool Library, Station North Tool Library
and Open Works.
To learn more on ways CRAFTSMAN can help tackle your next home
improvement project visit www.craftsman.com.
*20V MAX battery
maximum initial battery voltage (measured without a workload) is 20
volts. Nominal voltage is 18.
|
|
**Offer available at
participating Ace Hardware stores and on acehardware.com
(through 12/24/23) and participating Lowe's stores and on lowes.com
(through 1/31/24), while supplies last. Applies to the purchase of
SELECT Craftsman V20* Combo Kits only; see
https://www.craftsman.com/pages/v20-system for list of eligible
kits. May not be combined with any other discount or offer and does
not apply to prior purchases. Free Craftsman V20* 4.0Ah Lithium Ion
Battery (SKU CMCB204) may not be returned for cash or credit. No
cash value, except where prohibited by law. Void where prohibited.
See https://www.craftsman.com/pages/v20-system for
details.
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|
†Offer
available 11/1/2023 to 1/31/2024, at participating Lowe's and ACE
Hardware and online at www.lowes.com and www.acehardware.com and in
the U.S. only. May not be combined with any other discount or offer
and does not apply to prior purchases or purchases made before or
after the promotion dates. Discount does not apply to tax or
shipping and handling. If you return the merchandise, the value of
this promotion is not refunded or credited to your account. No cash
value, except where prohibited by law.
|
Methodology:
CRAFTSMAN commissioned Atomik Research to
conduct an online survey of 2,004 adults throughout the United States. The margin of error for the
overall sample is +/- 2 percentage points with a confidence level
of 95 percent. Fieldwork took place between
October 17 and October 19, 2023. Atomik Research is an
independent, creative market research agency.
About CRAFTSMAN®
CRAFTSMAN® is an American icon that homeowners, home builders, auto
enthusiasts and master mechanics have trusted since 1927 – and
today's CRAFTSMAN® continues that legacy. With a focus on reliable,
high-performance tools, storage and equipment, CRAFTSMAN® has
revived its long-established pride in superior quality. Now it's
easier than ever to get the tools trusted for generations at more
places than ever. For more information
visit www.CRAFTSMAN®.com or follow CRAFTSMAN®
on Facebook, Instagram and YouTube.
About Stanley Black &
Decker
Headquartered in the USA, Stanley
Black & Decker (NYSE: SWK) is a worldwide leader in
tools and outdoor operating manufacturing facilities globally.
Guided by its purpose – for those who make the world – the
company's more than 50,000 diverse and high-performing employees
produce innovative, award-winning power tools, hand tools, storage,
digital tool solutions, lifestyle products, outdoor products,
engineered fasteners and other industrial equipment to support the
world's makers, creators, tradespeople and builders. The company's
iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®,
CUB CADET®, HUSTLER® and TROY-BILT®. Recognized for its leadership
in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force
for good in support of its communities, employees, customers and
other stakeholders. To learn more visit:
www.stanleyblackanddecker.com.
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SOURCE CRAFTSMAN