Millennials Take on DIY Projects with More Confidence and Budgeting Discipline than Previous Generations
The annual Coinstar® Do It Yourself (DIY) Home Improvement Survey, conducted among U.S. homeowners, was released today and reveals that millennials rank higher with DIY projects when it comes to skill level, budgeting and urgency to complete a project, compared to previous generations. Overall, respondents reported that saving money is the key motivator in starting a project (60%), followed by increasing home value (39%). Most homeowners say they create a budget for DIY projects (60%), which has dropped from last year when 70% said they create home improvement budgets. Other Coinstar DIY survey results uncover sources of funding for projects and satisfaction with results.
Millennial DIYers Shine
Forty-nine percent of millennials have lived in their home for three years or less and many are taking on DIY projects, according to the Coinstar survey. When taking on DIY projects, this generation has high confidence with one in four (26%) reporting they are very skilled at DIY projects, compared to 16% of Boomers and 22% of Gen-Xers. Millennials are more likely than previous generations to create a budget for a DIY project with 70% saying they create budgets for their projects, while only 53% of Boomers and 60% of Gen-Xers say the same. When it comes to urgency to complete a DIY project, millennials are driven with nearly 80% saying they feel a sense of urgency to complete their project.
Money is a key factor in DIY projects
Three in five homeowners budget for their DIY projects and nearly half (48%) say they spent about what they expected with past projects. Available cash is the most popular way to pay for DIY projects and 50% of respondents say they are planning or would consider cashing in spare change to help fund all or a portion of their project. The main reason cited for not taking on a DIY project is lack of funds, according to respondents. The speed at which projects progress is also related to money; 27% of homeowners say additional project costs or running out of money slowed things down.
Homeowners find DIY projects satisfying
Nearly 90% of homeowners are pleased with the end result of past DIY projects with about half (48%) reporting their projects came out better than expected or perfect. Two in five respondents are motivated to take on projects because they find fulfillment in doing it themselves. When asked about project “do-overs,” the vast majority (71%) said they would either do the project the same way or do it again with some changes; only 7% said they wouldn’t have taken it on in the first place.
To help pay for DIY projects, homeowners can turn their coins in for cash or exchange for eGift cards for no fee at Coinstar kiosks. No-fee eGift card options include Amazon.com, Best Buy and Home Depot. Kiosk locations and cash-in options can be located by visiting www.coinstar.com.
Coinstar commissioned Atomik Research to run an online survey of 1,407 homeowners in the United States to determine attitudes toward Do It Yourself (DIY) projects in the home. The margin of error fell within +/- 3 percentage points with a confidence interval of 95 percent. The fieldwork took place between February 20 and 24, 2019. Atomik Research is an independent creative market research agency.
About Coinstar, LLC
Based in Bellevue, Wash., Coinstar owns and operates the largest fully automated, multi-national network of self-service coin counting kiosks. With nearly 20,000 kiosk locations, Coinstar provides convenient and reliable coin counting services at mass merchants, grocery and drug stores and financial institutions. Consumer solutions include coin-to-cash, coin-to-eGift card and charity donation options. For kiosk locations and information, visit www.coinstar.com.
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Marci Maule Housley