Do-it-Yourself Market Growth Expected to be Worth 1,278 Billion by 2030 (Boat Example)

On the docks. Unfortunately, it was
taken with cell. Professional camera
didn't save the pictures.

There are some people who like to work with their hands do things themselves because they enjoy the process of creating and fixing things. We have tinkered with our environment since the beginning of our species and it has led to some interesting discoveries and societal advancements. In recent history we have become more inclined to hire expensive technicians with specialized training versus tinkering to our own solutions. For some that trend is reversing and Do-it-Yourself market is growing rapidly. Let me tell you why through a story of my boat.

Do-It-Yourself Market Size:

First let us understand that the annual growth rate of Do-It-Yourself market is 38% and it is expected to reach 1,278.00 billion dollars by 2030. You can read more about that HERE. The market is imperfectly defined leaning heavily in housing repair as one of the most common do-it-yourself expenses. (It says the market study was published in 2022 but it seems a little older than that. I'm also not sure of its source but much of the material is cited and it makes sense. I would suspect this was a firms market study that was eventually released. Either way its relevant enough to get the point across. There is another study with some trends HERE) 

Sense of Accomplishment:

For me, I enjoy engaging in my own project because I like accomplishing something that comes with building, creating, and fixing something. There is a type of enjoyment that comes with the time spent figuring out a problem and researching the right products that create resolution (Matching of practice and theory.). Much of the process has to do with solving practical issues with everyday knowledge. Learning something new and developing my own handyman skills at the same time in a way in it can be practically applied to things I need to get done.

Sometimes I fail and that really stinks! So unless I take my time I generally do not fix anything that is critical for survival (As I do a lot of outdoor stuff and one mistake could mean its all over.). Anything that is critical to the functioning of safety would either be done by a professional or inspected by one after (i.e. electrical work or a major repair on a boat engine. I like to watch professional mechanics, and could likely do it if necessary with some additional study, but I know the risks so I minimize them by having someone who knows what they are doing. Everything else is fair game! )

Benefits of Do-It-Yourselfers

I think this market is growing and that is a good thing because 1.) knowing how to tinker and fix things leads to innovation when people have the skills to build something unique to their problem; 2.) Do-it-Yourselfers can save a lot of time and money in a way that makes people less dependent on specialists; and 3.)  these skills grow in the general population and are transferred into skilled trades. (Where I grew up in the Upper Peninsula we have a lot of people who do their own handyman work.)

Sailboat Stanchion Example:

The Anatomy of a Boat
American Sailing Association

A broken sailboat stanchion led me down some interesting paths of a project. I had a marina slip neighbor for a short period. Well dressed guy, big corporate attorney I think, a little bit of an attitude, had just bought a very expensive wooden toy (It looked painfully expensive). Of course he didn't know how to use his new toy so he ran it into my sailboat and broke my stanchion (Sailboat people are romantics and expensive speed boat owners more about image. I think I read that somewhere.). 

As a smart attorney he apologizes and brings someone from a local boat works to fix the problem so it doesn't need to be reported on his insurance. Great! I'm all for helping out my neighbor! Not a big deal I nod! (I don't mind if it actually gets done. In hindsight I made a mistake in being too nice. Just FYI.) Except, afterward the stanchion felt very loose and would wiggle under pressure (I would be afraid someone grabs onto it with their full body weight).  Furthermore, I noticed on more than one occasion a little musty water made its way into the room below so I tightened to no avail the the drainage hoses. 

Anyway, apparently he didn't pay these "professionals" very much because they did a seriously subpar job. I was left the options of either paying someone else or just doing it myself. I opted to take my time and take care of the job and be done with it (There is a lot of work that goes into maintaining boats so you either love it or you sell it! I been working on this one for a while and its getting close to completion. I would like to take it and sail up and down the coast maybe. Perhaps do some charity racing or plastics research. Figure it out eventually. Maybe I will just sit on it and have coffee. ⛾).  

Stanchion Bottom.
Bigger backing, strong topside base,
caulking, and bolts.
 I think I need to paint that ceiling.
Its storage but still the work never ends!

In general, I would say a job like replacing a stanchion would be about $1000 to fix correctly. Doing my own work saved a lot of money and it cost me $50 ($950 and my labor time was taken out of the market but likely to be spent somewhere else. i.e. home improvement, vacation, investments, dinner, gas, etc.). 

Before I started my project I did my research and watched videos, asked questions, outlined the holes on a piece of plywood, and did some simple planning. It wasn't as hard as I thought. I took out the old stanchion bolts (By the amount of effort I had to put it, the other guys apparently didn't take them out at all so I'm not sure how they really expected to fixed the problem. i.e. likely why it leaked.). 

Marine sealant UV topside, a bigger backboard to create additional stability, new bolts, marine grade caulking between the board and underdeck, and I was finished! Easy peasy! Of course there were measurements, drilling new holes, and the other boring activities like online research that goes into the project. The heavy rain the night after I replaced it helped me feel more comfortable the stanchion no longer leaked (Water off the deck runs right over the stanchion.). Problem solved!  

Not only did I do the job right, I learned a lot and saved money (I know someone out there is going to say I didn't do it exactly the way I should do it. Ok! That is the do-it-yourself market!) While I'm not an expert in do-it-yourself repair, I seem to do pretty well at it and things hold up (If they don't I do it again and do something different. It means I missed something). Knowing how to construct basic things and fix small items is important for people. Because of my northern woods background, love for outdoor adventures, and general need to know these things I take up the opportunities to do my stuff all the time. 

Post Covid I think people also have come to appreciate do-it-yourself activities and I would like to watch the trends a little to see if they continue to swing upwards. Having a college degree is great and having construction skills is also great. I came a little from both worlds half blue collar and half small business owner. Continue to learn and develop new skills in a way that not only saves you money but also allows you to take care of your own projects when its needed.