People spent extra time at residence in the course of the COVID-19 pandemic, however they didn’t simply sit on the sofa and watch Netflix. Many residents went to work renovating their houses, resulting in record home improvement spending.
In line with a national survey by The Freedonia Group in December 2020, 39% of shoppers reported enterprise residence enchancment tasks due to modifications related to the pandemic. Some added residence gyms or places of work, put in decks or swimming pools, began gardening, or just repainted their dwelling areas.
The Freedonia Group famous a number of key markets which have seen a major gross sales spike associated to pandemic-driven residence enchancment exercise.
Out of doors Lighting
With the closure of eating places and few retailers for leisure, many owners spruced up their decks and patios to make their houses a extra interesting place to be.
“With the intention to create areas extra appropriate for cooking and entertaining, many owners put in extra in depth and higher-end lighting — particularly space lighting and floodlights,” in line with Freedonia.
Because of this, the residential market for outdoor lighting fixtures expanded at a wholesome clip, despite the fact that the business market suffered in 2020.
Garden & Backyard Gear
One other shiny spot was residential power lawn and garden equipment, which grew greater than 5% in 2020.
As a result of pandemic, distant employees had extra time to carry out garden and backyard upkeep themselves, and shoppers additionally spent unused journey funds to boost out of doors areas the place they may extra safely collect with household and mates.
Garden & Backyard Consumables
Customers bought tools like garden mowers for his or her yards, however in addition they purchased extra seeds, reside vegetation, and mulch for his or her gardens.
“DIY residence gardening and landscaping tasks have been amongst shoppers’ favourite quarantine actions,” according to Freedonia.
The $9 billion US garden and backyard consumables market is anticipated to learn from this development even after the pandemic as shoppers proceed to have interaction in gardening as a enjoyable, private interest.
Repainting was one other fashionable reworking venture in the course of the pandemic, which boosted the residential market for architectural paint.
Sherwin-Williams reported document gross sales for the ultimate quarter of 2020. In an investor presentation, the corporate cited “unprecedented demand by shoppers nesting.”
The uptick in DIY residence renovation exercise additionally benefited the marketplace for energy instruments, which is projected to rise 2.9% per 12 months by 2024 to $9.4 billion. Continued curiosity in residence repairs, woodworking and different comparable hobbies is anticipated to spice up the consumer market for power tools.
Want extra in-depth information and evaluation? Visit The Freedonia Group’s website for market analysis on residential development and constructing merchandise.
About The Freedonia Group
The Freedonia Group, a division of MarketResearch.com, is the premier worldwide industrial analysis firm, offering our shoppers with product analyses, market forecasts, business tendencies, and market share data. From one-person consulting companies to international conglomerates, our analysts present corporations with unbiased, dependable business market analysis and evaluation to assist them make necessary enterprise choices. With over 100 research printed yearly, we assist over 90% of the commercial Fortune 500 corporations.