The home improvement market is constantly shifting, and with every change, new trends and behaviours emerge. It can feel next to impossible to keep up with it all. Fortunately, we’re here to do it for you. We’ll be sharing quarterly market insights and product trends we see in the home improvement and financing space, along with recommendations for how you can use the information in your own business.
To get the ball rolling, we want to share a glimpse into two interesting market trends that we’re seeing that can change how you do business:
- The volume of regular finance deals, especially those on the 240-month amortization (over $10K), is climbing.
- At the same time, deals on deferral products are declining.
In other words, more homeowners are opting for affordable monthly payments over time while making it easier for them to budget monthly expenses.
Consumer behaviour is shifting towards subscriptions and monthly payments, as we’ve seen with the rise of companies operating within the subscription economy, like Amazon Prime, Netflix, Spotify, Salesforce, to name a few. We’re even seeing more traditional retail businesses moving toward subscription models, like grocery and meal prep boxes, monthly subscriptions for beauty and grooming products, “sock of the month” clubs, and more. The subscription economy is expected to grow two-fold to 1.5 trillion USD by 2025, because consumers enjoy the benefits of affordability and predictable budgeting.
So, what does this all mean for you and your business? Simply put, an affordable, predictable, monthly payment means you can close more deals at the kitchen table, while putting more money in your pocket by avoiding the dealer fee. It’s a win-win for both you and your customers. Plus, the 240-month amortization further reduces the customer’s monthly payment, which makes the decision even easier for them.
This is just a taste of the kind of information we’ll be sharing in our market insight updates. Keep an eye out for details about a series of meetings we’ll be hosting to share this information, plus upcoming issues of the newsletter that will include more comprehensive breakdowns of the market and emerging trends.
For more information on our financial products, available promotions, and how to sell more at the kitchen table, reach out to your Business Development Manager.