Insights from the Tool Industry: Reflecting on 2024

01/01/2025

Happy New Year! Let’s See What We’ve Learnt From 2024

As we step into 2025, we want to take a moment to reflect on the year gone by. The tools and consumables industry faced a year of adaptation, resilience, and growth, shaped by both global economic challenges and evolving customer behaviours. Here’s what 2024 taught us about the state of the market, what trends worked, and how businesses like yours can move forward.

The Economic Landscape in 2024

2024 brought a mix of challenges and recovery across the globe. In the UK, rising interest rates and persistent inflation kept businesses on their toes, with many focusing on cost-cutting and maximising value. While some industries struggled under these pressures, sectors like construction and home improvement remained relatively resilient, driven by ongoing investments in housing and infrastructure projects.

Globally, supply chain disruptions eased compared to previous years, though geopolitical tensions and energy costs continued to shape the market. Businesses prioritised reliable suppliers and local sourcing, with sustainability playing an increasingly important role in purchasing decisions.

Retail in 2024: A Shifting Landscape

The retail sector saw continued growth in online shopping, with customers valuing convenience and speed more than ever. Social media platforms, particularly TikTok, solidified their role as powerful tools for product discovery and brand engagement. Viral DIY videos, “how-to” content, and tool demonstrations drove direct sales and influenced purchasing trends.

For the tools industry, platforms like YouTube and TikTok played a crucial role in educating DIY enthusiasts. Instead of hiring professionals, many customers turned to these platforms to learn how to tackle home improvement projects themselves, seeking guidance on everything from laying decking to plumbing repairs. This shift created opportunities for tool retailers to align their marketing strategies with these trends, providing educational content alongside their products.

The Tools Industry in 2024

Despite economic challenges, the tools industry maintained steady growth in 2024. Both professional tradespeople and DIY enthusiasts continued to invest in tools and consumables, albeit with a more cautious approach to spending. Buyers sought value-driven options, prioritising durability and versatility over low-cost alternatives.

B2B Buying Behaviours: Contractors and tradespeople relied heavily on trusted suppliers for high-quality tools and consumables. Bulk buying of essentials like drill bits, saw blades, and abrasives remained strong as businesses sought cost savings without compromising on quality.

DIY Customers: Home improvement remained popular, particularly for smaller projects. However, there was a noticeable shift towards high-performance tools that delivered professional-level results, reflecting the influence of social media tutorials and a growing confidence among DIYers.

Tool Trends of 2024: What Worked and What Didn’t

What Worked:

• Sustainability: Products with eco-friendly features, such as recyclable consumables and energy-efficient tools, gained traction among both B2B and DIY customers.
• Multi-Functionality: Tools offering versatility, such as multi-head drills and saws, became customer favourites, reducing the need for multiple products.
• Social Media Engagement: TikTok and YouTube emerged as dominant platforms for tool education and promotion. Influencers demonstrating how to use products helped brands build trust and drive sales.
• Durability and Reliability: Customers showed a clear preference for high-quality consumables that lasted longer, offering better value in the long run.

What Didn’t Work:

• Over-Reliance on Discounts: While price promotions were effective for short-term sales, customers valued quality and performance over cheap, disposable tools.
• One-Size-Fits-All Solutions: Tools not tailored to specific tasks or materials saw slower sales as buyers sought specialised options for their unique needs.

Conclusion: Lessons From 2024

2024 was a year of evolution in the tools and consumables market. Customers prioritised quality, sustainability, and educational content, signalling a shift towards informed and value-driven purchasing decisions. Social media played an undeniable role in shaping trends, while businesses that embraced digital engagement and innovative solutions thrived in a competitive landscape.

Want to know what’s coming next? Discover the top trends shaping 2025 in our blog: The Future of Industrial Tools: Trends to Watch in 2025 and get ahead of the curve.

Here’s to a successful year ahead! Let’s make 2025 one to remember.