Survey Says Father's Day Sales Offer Best Time To Find Tool Deals
BELOIT, Wis., -- FatWallet.com, the one-stop resource for online coupons and deals with cash back savings, announced results from its Tools Shopping Survey* (TNS Global). Of 1,000 American adults surveyed online, more than 8 in 10 said they buy tools every year, with nearly 4 in 10 saying Father's Day is the best time to find deals on tools (compared to 18% on Black Friday). Lawn and garden tools were most in demand this year (38%) over combination power tool kits (20%), while Craftsman leads the way as most popular tool brand (38%) over Black & Decker (26%) and DeWalt (19%).
Overall home improvement spending is expected to grow 6.8% this coming year to nearly $313 billion in 2014 (Home Improvement Research Institute). FatWallet's tools shopping survey also reveals that 87% of those that buy tools will spend up to $250 on tools this year (13% will spend more than $250).
Key Results from Tools Shopping Survey:
How Often: 81% purchase tools at least once this year, 40% more than once (50% under the age of 40). 20% buy tools 3-4 times a year (25% for those w/children). 19% have "never" purchased tools (13% of males).
Best Time to Buy: 39% say Father's Day is best time to find deals on tools, more than Black Friday (18%), Cyber Monday (1%) and December Holiday (12%) combined. 30% said Spring Sales offered the best tool deals.
Tool Spend, or Not: 1/3 of males said the only thing to stop them from buying tools is if they "run out of money". 58% will spend less than $100 while 29% will spend between $100 - $249 (36% under the age of 40). 13% will spend $250+. On the contrary, 1 in 4 said they either have way too many tools or are too busy to take on home projects and 1 in 5 admit they have tools they've never used before.
High Demand: Lawn and garden tools are most coveted (38%), especially for females (46%) and those w/children (44%). Cordless-combo power tool kits and hand tools (20%) are next followed by power drills (15%), tool box/storage (13%) and circular saws. Note: 2/3 of respondents say Quality/Durability most important feature for power tools.
Top Brands: 4 in 10 choose Craftsman as their most desired tool brand, while 26% like Black & Decker, 19% go for DeWalt, and 5% or less would choose either Makita, Ryobi, Bosch or Milwaukee.