People are still spending

11 April 2023

While debate may continue almost unceasingly about the likelihood of recession, it’s important to remember that any downturn does not affect all parts of the economy equally. 

Some sectors feel the impact of any slowdown strongly while others cope well or may, even, flourish. 

And tool hire is perhaps a better market to be in in such a scenario than, say, hospitality as figures published today from the British Retail Consortium suggest. 

Data for March show that while consumers cut back on eating out, for example, spending on home comforts, accessories and furniture saw the biggest growth, with people looking to entertain more at home. 

And such a trend to do more oneself to reduce costs rather than miss out on something altogether could extend to other areas like DIY. 

Indeed, a report also released today from Barclays bank on credit card spending states that home improvement and DIY stores saw a month-on-month rise of 4.3 per cent as consumers rejuvenate their homes and garden spaces in readiness for the warmer months. 

The desire to improve one’s surroundings cost-effectively without compromising on quality could lead to more DIY projects being undertaken – and in turn greater demand to hire the necessary tools and equipment. 

Last year Thierry Garnier, chief executive of B&Q’s parent Kingfisher plc, said that “people want to do more things themselves to save money” and that a younger generation of people were looking online and on social media for DIY advice.

Shortly after its launch, the blog reported on a DIY renaissance back in July 2020 during the first Covid lockdown.  

So people are likely to keep spending – and hiring. 

Photo: Anastasia Shuraeva 

● Don’t forget to explore the Site-Eco area of the blog for news of sustainable products and developments relevant to the world of hire.