DIY spending falls to record low
Spending on DIY has declined to its lowest level in over 15 years amid the continued squeeze on household finances and a subdued housing market, according to research by Lloyds TSB1. Households spent a total of £7.8 billion on DIY in 2011 – equivalent to around £300 per household; the lowest total since records began in 1996 and almost half of the £15.5 billion spent at the peak in 2004. There was a fall of 17% in real terms (i.e. after allowing for inflation) from the total of £9.4 billion spent in 2010.
Suren Thiru, Lloyds TSB Housing Economist, commented:
“Consumers have been experiencing the biggest squeeze on their discretionary income for over a year. Couple that with a very subdued housing market, and it is unsurprising that so many are cutting back on home improvements. With economic conditions expected to remain challenging, the current squeeze on spending on both DIY and tradesmen is likely to continue for some time yet."