- There are still small-cap gems despite weaker spending
- Private housing repair and maintenance grew 0.2 per cent in February
It is a difficult time for home improvement businesses. This sprawling sub-sector – which encompasses specialist retailers, bathroom and kitchen suppliers, flooring distributors, builders’ merchants and a smattering of electronics companies – is bearing the brunt of consumer spending cuts.
After surging in lockdown, spending on home improvements and DIY fell by 4.7 per cent in 2023, while furniture stores experienced a 5.2 per cent drop in sales, according to Barclays analysis. This trend has continued into 2024. The amount people spent on ‘household’ purchases fell by 5.2 per cent last month, with one in six people delaying home renovations due to economic pressures.