Sensibill, the leading provider of everyday financial tools and SKU-level insights, shares this month’s Barcode Report on home improvement trends, leveraging item-level receipt data to deliver the world’s deepest and most relevant insights into everyday consumer spending.
The Barcode Report transforms the SKU-level data derived from digital receipts into consumable and actionable facts, providing organizations with rich information about consumers’ spending habits, life stages and psychographics, such as values and lifestyles. In this report, Sensibill focuses on both U.S. and Canadian consumer spending behaviors around home improvement projects, while also leveraging the data to predict future trends. The company looked across millions of receipts, each from Canada and from the U.S. It defined pre-pandemic spending as 2019 through the end of February 2020 and the onset of the pandemic as March 2020 through March 2021.
U.S. Key Takeaways:
- With people spending more time at home, the average consumer spend on home renovations has increased by 14% since the pandemic started.
- Home cooking has been on the rise since the pandemic’s onset, and so have kitchen upgrades. Consumer spend on kitchen renovations has nearly quadrupled since the start of the pandemic.
- Average consumer spending on cleaning and decluttering increased 110% since the pandemic started. Those that purchase products in the Storage & Cleaning category are also more likely to spend on bathroom renovations (the likelihood of purchasing items for a bathroom renovation increases by 8% if the consumer has previously purchased Storage & Cleaning items).
Canada Key Takeaways:
- The average consumer spend on home renovations has increased by 15% since the pandemic started.
- Consumers spend on making homes more energy efficient, such as by installing or upgrading floors and windows, has tripled since the onset of the pandemic. Such efforts help to lower utility bills and protect against adverse climate changes.
- The likelihood of a consumer taking on a painting-related project has increased by 108% if they have also renovated doors, windows, and outdoor areas of their homes.
Izabella Gabowicz, Chief Operating Officer at Sensibill, “Receipts provide more than surface-level information; data collected from them can bring value at an ecosystem level, helping to create differentiating and personalizing customer experiences across any industry. To understand what people value and need, organizations must know how they spend their time and money. Our monthly Barcode Report gives companies greater visibility into consumer spending habits and behaviors, allowing them to better understand customers’ preferences and needs.”
Sensibill provides everyday financial tools and makes SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits. The AI-powered solution enables end-users to easily track their spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its technology to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.