A new survey released Dec. 5 by Stanley Black & Decker’s iconic CRAFTSMAN brand examined the impact that higher lending rates have on U.S. homeowners and their home improvement decisions, and it found that nearly two-thirds of homeowners (65 percent) see home improvement projects as an alternative to buying a new home, given high interest rates in the housing sector.

“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 of hand tools, accessories and storage at 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 percent), enhance the aesthetic appeal of the home (50 percent) and improve overall home value (47 percent).
• The most popular areas for improvement: The most commonly considered projects include painting (51 percent), bathroom improvements (44 percent) and kitchen improvements (41 percent).
• The desired budget: More than half of homeowners (54 percent) surveyed say their approximate budget for their home improvement project is $5,000 or more, and over a third of homeowners (37 percent) 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 two in three (64 percent) saying their approximate budget is more than $10,000.
• The timeline: Three in five homeowners (60 percent) say they have tried to execute a home improvement project themselves in the last 12 months, while two in three (66 percent) say they plan to make home improvements in the next six months to one year.
• The tools homeowners want to use: When it comes to sourcing tools, 64 percent 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 4-ampere-hour battery,¹ an estimated $119 retail value, with the purchase of select V20 combo kits.² Plus, take an additional $20 off select V20 outdoor power equipment combo kits, while supplies last.
  • Save up to $60³ 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 two in five homeowners (44 percent), particularly millennials (63 percent), 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 percent), having a limited knowledge about which tools are needed (36 percent) or a fear of not using the tools often enough (50 percent).

Understanding that three in four homeowners (76 percent) say they would consider using a makerspace and/or tool library to access tools for future home improvement projects, CRAFTSMAN is donating up to $100,000 worth of products to four makerspaces 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 advanced 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.

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 Oct. 17 and Oct. 19, 2023. Atomik Research is an independent, creative market research agency.

References

¹ 20V MAX battery maximum initial battery voltage (measured without a workload) is 20 volts. Nominal voltage is 18.

² Offer available at participating Ace Hardware stores and on acehardware.com (through Dec. 24, 2023) and participating Lowe’s stores and on lowes.com (through Jan. 31, 2024), while supplies last. Applies to the purchase of SELECT Craftsman V20 Combo Kits only. May not be combined with any other discount or offer and does not apply to prior purchases. Free Craftsman V20 4-ampere-hour Lithium Ion Battery 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.

³ Offer available Nov. 1, 2023, to Jan. 31, 2024, at participating Lowe’s and ACE Hardware stores and online at www.lowes.com and www.acehardware.com. Valid 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.