For Immediate Release
New Study Reveals How COVID-19 Driving Important Changes In Home Improvement Market
Germantown, TN July 16, 2020 The home improvement industry is showing remarkable growth that is considerably beyond other categories. Retail sales figures released today show a June growth of 6.6% for all retail compared to 22.6% for store types most associated with home improvement (Building material & garden equipemnt & supplies dealers). Clearly this is a hot market.
A study done in June by Consumer Specialists gets behind the overall numbers to understand what is happening. The study included 603 nationally representative homeowners and for many questions there was data collected in 2019 for comparison purposes.
Here are some of the findings included in the study’s report:
- More homeowners are planning to do projects. There were eleven specific projects tracked in both 2019 and 2020 and all showed more homeowners planning to do them. In addition, there is more urgency, with growth in those saying their next project will be in less than a year from now.
- The hottest project areas are Bathrooms, Landscaping, Kitchens and Gardens.
- Contractors are taking a bigger role. There was significant growth for contractor’s role in the next project in the following ways:
- Determining if one is needed for their next project
- As a source of information when they do research
- Anticipated to be involved in doing the work
- The Internet jumped significantly as source of information and where homeowners plan to get the majority of the products for their next project.
“We were surprised just how many ways COVID-19 has impacted home improvement”, said Fred Miller, President of Consumer Specialists. “In terms of consumer attitudes and how they behave, there has never been a single force that has had a greater and enduring impact. It is important for all business involved in home improvement to understand these changes and make appropriate adjustments. “
This COVID-19 study is part of Consumer Specialists efforts to support the industry in addition to its research that is proprietary to individual clients. More information on this study titled How COVID-19 Is Reshaping The Home Improvement Market can be found by going to https://consumerspecialists.com/welcome/new-research/ or by sending an email to report@consumerspecialists.com
Consumer Specialists is a research and consulting firm specializing in home improvement related industries. With over 30 years of experience in the industry, the firm brings a wealth of knowledge to help understand current conditions, changes that have happened and implications for the future.