The May Barcode: Home improvement spend in Canada
Image credit: Sensibill
The Barcode Report delivers the world’s deepest and most relevant insights on everyday consumer spending. We break down spend data into digestible and actionable facts, highlighting key trends that go beyond what you’d learn from simple card statements. We leverage item-level receipt data accumulated from millions of users across our network of banks, credit unions and technology partners. The Barcode dives beneath the surface of “how much was spent and where” and provides a true look at what consumers and small businesses are spending their money on.
In this report, we’re focusing on consumer spending insights from home improvement projects, and what the data tell us their next projects likely will be.
Key Highlights & Takeaways
With people spending more time at home, Canadian consumers are making that time more enjoyable.
The average consumer spend on home renovations has increased by 15% since the pandemic started.
An energy-efficient home can help with lower utility bills and protect against adverse climate changes. Installing or upgrading doors & windows has tripled since the onset of the pandemic.
Diving deeper into item level data, we uncovered that the likelihood of someone taking on a painting-related renovation increased by 108% if they renovated doors, windows and outdoor areas of their homes.
A window of opportunity for savings in an energy-efficient home!
As the pandemic pushed many economies into a recession, Canadian consumers began looking for cost-saving measures - including by making their homes more energy-efficient. For many, installing new doors and windows was the first step and the average spend in this category has tripled since the onset of the pandemic. Also contributors to energy-efficient homes: heating, cooling and ventilation, which saw a category spend increase of 90% since the start of the pandemic.
Change in average spend from 2019 on Home Improvement Items in Canada
Source: Sensibill Data Lab
People have taken plumbing in their own hands
Through multiple waves of lockdowns, many consumers are uncomfortable with letting people into their homes and Canada has seen historic drops in residential construction spending. But it seems this has translated to a boon in Plumbing purchases by Canadian consumers, with an increase of over 260% in average spending for this category of items during the pandemic.
It’s time to paint those Doors & Windows
It seems Canadian consumers may be taking “let’s paint the town” too literally. When we looked at items on each receipt, we found Canadian consumers who purchase doors, windows and outdoor renovation products follow these purchases with painting-related items like spray foam, sealer and paint 67% of the time.
This goes to show that consumers are looking to spruce up their homes with some colour. In fact, the likelihood of purchasing painting-related items increases by 108% if the consumer has previously bought items from the Doors & Windows or Outdoor categories. After all, painting is the most affordable way to spruce up those purchases and put one’s own stamp on a home.
Likelihood of purchasing painting-related items
Source: Sensibill Data Lab
*Pre-Pandemic: 2019 through the end of Feb 2020. Since Onset of the Pandemic: March 2020 through March 2021
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