News I published 18 July 2024 I Dirk Hoogenboom
Willingness to invest of European consumers in sustainability improvements of their houses lower in 2024 than in 2023
In recent months, we have seen a decrease in the installation of heat pumps and associated sustainability improvements in some countries. This is partly due to the high costs for construction and labour, still relatively high interest rates, lower government incentives and an overall lower sense of urgency.
But what about the European home improvement market? In our new Q1 2024 report of the European home improvement monitor, we focus on just that. The topic of this report is sustainability.
Lower willingness to invest
One of the key findings is that the willingness to invest is lower in 2024 than is was in 2023 according to European consumers. In 2023, about half of all European consumers stated they were actively looking to improve the energy efficiency of their houses. This percentage dropped to 45%, a low but significant drop. Also, the percentage of consumers willing to invest in making their homes more energy efficient dropped from 38% in 2023 to 28% in 2024.
We need to bear in mind that there are strong regional differences, the lowest willingness to invest is in Germany (19%) and the highest in Italy (34%)
Higher importance of sustainability for products
In contrast with the consumer willingness to invest in making their homes more energy efficient, the importance of sustainable home improvement products increased. In 2023 about 33% of European consumers stated they care about sustainability when buying home improvement products. This increased to 35% in 2024.
Consumers in France are most mindful of the level of sustainability when buying home improvement products (56%). Consumers in the Netherlands are the least mindful of sustainability when buying their DIY products (35%).
Recyclability and natural materials are most important aspects of sustainable products
European consumers mention that recyclable products (37%), natural materials (36%) and recyclable packaging (35%) as most important sustainability aspects when buying home improvement products. In some countries like Austria, the Netherlands and the UK, reducing or having no waste also score very high.
What else is in the report?
These are just some of the key outcomes of the European home improvement monitor Q1 2024 report on sustainability. The full report covers much more elements of sustainability (which products are most often used, drivers & barriers, importance of sustainability in relation to DIY stores and much more). In addition, the report covers the amount of home improvement jobs done, the amount spend and future expectations. Finally, the report covers key elements of the orientation behaviour of consumers in general and on a product category level. The full report covers 11 European countries.
For more information feel free to contact us, or take a look at our report page of the European home improvement monitor for all the relevant reports.
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