81% of Americans buy new tools every year, while popular tool brand Craftsman and lawn & garden tools top their lists in 2014.
It’s not a shock that Father’s Day ranks tops with shoppers for the best time to find tool deals, as we’ve witnessed this buying trend for a few years now. However, the fact that Father’s Day Sales outrank Black Friday, December Holiday and Cyber Monday combined is indeed revealing. Add 30% of respondents that rank Spring Sales as the second best time to buy tools and technically, we could conclude almost 70% of annual tool buyers look for the best deals…right about now!
8 in 10 surveyed (81%) said that they buy new tools at least once a year, with half of those (40%) more than once (20% 3-4 times a year). Of these, 3 in 10 will spend between $100 – $249 and 13% spend more than $250 on new tools annually. With all this tool buying, we asked what would curb their desires…1/3 of males said the only thing to stop them from buying tools was if they “run out of money”.
Note: 21% of females said “a hammer, screwdriver and duct tape” are the only tools they need!
Other interesting tool buying trends report nearly 4 in 10 say they want lawn and garden tools and are most popular by far, especially for females (46%) and those w/children (44%). Cordless Combination Power Tool Kits (20%) and hand tools (20%) ran a distant 2nd with power drills (14% – see Top 5 Cordless Drills Review) and tool boxes (13%) next in demand. Better than 2/3 of respondents say Quality/Durability most important feature for power tools. Craftsman was the big winner for most desired tool brand with 38% liking while budget brand Black & Decker held good standing at 26% and the popular DeWalt tools came in 3rd favorite at 19%. Savvy tool shoppers will be sure to add increased cash back to bolster their savings!
FatWallet 2014 Tools Shopping Survey Results (*TNS Global):
81% of Americans buy tools at least once a year!
Q: How often do you buy tools (for using at home) or home improvement related items?
- 40% Once a year or less often
- 16% 2 times a year
- 19% 3-4 times a year
- 6% Monthly or more often
- 19% said “I have never purchased tools” (only 13% for males)
Note: HALF of those under the age of 40 buy tools more than once a year
Dads want tools and know when to buy them!
Q: Of these options, when is the best time to find deals on tools?
- 39% Father’s Day
- 30% Spring Sales
- 18% Black Friday Sale
- 12% December Holiday Sales
- 1% Cyber Monday
Note: Of those age 30 and under, 63% said they rely on family and friends for their vacation information.
We spend but we also budget.
Q: Approximately how much do you plan to spend on tools this year?
- 58% Less than $100
- 29% $100 to $249
- 10% $250 to $499
- 3 $500 or more
Note: Those under the age of 40 will spend about 30% more than 40+ (Perhaps older tool users have what they need already?).
Overall home improvement spending is expected to grow 6.8% this coming year to nearly $313 billion in 2014 (Home Improvement Research Institute).
1/3 of males will buy tools until they run out of money.
Q: What would stop you from buying new tools this year?
- 24% said Too busy to do home projects
- 26% said “I have way too many tools at home”
- 28% said “Only if I run out of money”
- 11% said “Spouse says it’s not in the budget”
- 17% said “Hammer, screwdriver and duct tape is all I need”
- 20% said “I have tools I’ve never use”
Note: 40% of Seniors said they have too many tools, while only 12% of those under age 30 said they have tools they’ve never used before.
The yard rules our DIY world.
Q: Which tools do shoppers want most this year?
- 38% Lawn & Garden Tools
- 20% Combination Power Tool Kit (cordless)
- 20% Hand Tools (hammers, screwdrivers, pliers, etc)
- 14% Power Drills
- 13% Tool Box (storage)
- 10 Circular Saws or Miter Saws
- 10% Automotive Tools
Note: 3 times as many males want automotive tools while 50% more females want yard & garden tools.
Majority of tool buyers don’t skimp.
Q: Of these options, which is the most important feature for power tools?
- 67% Quality/Durability
- 13% Battery Life
- 10% Power/Torque
- 6% Weight/Size
- 4% Length of Warranty
Sears keeps tight grip on most popular tools.
Q: Of these options, what is your most desired brand of tools?
- 38% Craftsman
- 26% Black & Decker
- 19% DeWalt
- 5% Ryobi
- 5% Makita
- 4% Bosch
- 3% Milwaukee
Note: Craftsman is one of the most visible brands during Black Friday sales, and a life-time guarantee and affordability make for a smart tool purchase.
*The national survey conducted online by TNS on behalf of FatWallet.com in March 2013 was fielded among 1,000 adults ages 18 or older, 50/50 male/female.