Tuesday, June 3rd, 2014 - Roy Morgan Research

One need only turn on the TV to see that home improvements are big business these days. From The Block toHouse Rules and Grand Designs Australia, Aussies can’t get enough of home reno shows — which in turn inspires many of them to engage in some domestic DIY of their own. Obviously, this represents a golden opportunity for hardware retailers: question is, which hardware chain is leading the way when it comes to customer satisfaction?

The latest findings from Roy Morgan Research show that more than nine out of 10 True Value customers are satisfied with the store, while Bunnings, Mitre 10 and Home Hardware (winner of Hardware Store of the Year in 2013’s Roy Morgan Customer Satisfaction Awards) are close behind at 89%, 88% and 87% satisfaction respectively. Masters Home Improvement, meanwhile, continues to hammer away, but is not hitting the mark with quite as many of their customers.

Customer Satisfaction at each hardware store

satisfaction-hardware

Source: Roy Morgan Single Source (Australia), Australians 14+ Apr 2013 – Mar 2014. Purchased from Masters Home Improvement in the last 4 weeks n = 904; Purchased from Bunnings in the last 4 weeks n=8,491; Purchased from Mitre10 in the last 4 weeks n=2,001; Purchased from Home Hardware in the last 4 weeks n=541; Purchased from True Value Hardware in the last 4 weeks n=165

Satisfaction levels for the four top-performing hardware stores are on the whole relatively consistent across all age groups. However, Masters Home Improvement loses ground in the satisfaction stakes among their younger customers, particularly those aged under 35.

Customer Satisfaction at each hardware store – by customer age

hardware-satisfaction-by-age

Source: Roy Morgan Single Source (Australia), Australians 14+ Apr 2013 – Mar 2014. Purchased from Masters Home Improvement in the last 4 weeks n = 904; Purchased from Bunnings in the last 4 weeks n=8,491; Purchased from Mitre10 in the last 4 weeks n=2,001; Purchased from Home Hardware in the last 4 weeks n=541; Purchased from True Value Hardware in the last 4 weeks n=165

Warren Reid, Group Account Director, Roy Morgan Research, says:

“This is a very positive story for True Value Hardware, currently leading its category for customer satisfaction. Also impressive are the high levels of customer satisfaction for Bunnings, Mitre 10 and Home Hardware (category-winner in last year’s the Roy Morgan Customer Satisfaction awards). Furthermore, all four of the top hardware stores rated consistently well among customers of different age groups.

 

“Woolworths-owned Masters Home Improvement has been slow to hit the mark with its customers for satisfaction, but then again Masters doesn’t just sell hardware — it also sells electrical appliances, lighting, wall art and more. While a wider range may appeal to ‘one-stop shoppers’, it also means less room for traditional hardware: which can be frustrating for shoppers visiting the store for that purpose. What’s more, Masters has been slow to expand its store network even as rival Bunnings has been building bigger stores; and has not yet been able to achieve satisfaction levels across customers of different age groups.

 

“Masters is certainly doing something right with its older customers, particularly the 50-64 year-old group, whose satisfaction levels aren’t dissimilar to those of Mitre 10 and Bunnings customers of the same age. However, with satisfaction among the under-35 age bracket more than 20 percentage points behind their Bunnings counterparts, it has some work to do yet.

 

“The good news for Masters is that its total customer satisfaction continues to improve year on year.”

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Roy Morgan Research is Australia's best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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Keywords

hardware, retail, customer satisfaction, masters, bunnings, mitre 10, home hardware, true value hardware

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