Home improvement trend will continue in 2021
Consumers stuck at home during the coronavirus pandemic began working on new home improvement projects, growing the home improvement industry to a $457 billion industry, according to the Home Improvement Research Institute, and the projects expect to continue into 2021.
A consumer insights study commissioned by Lowe’s found that 51% of respondents said they “have bigger plans” for their homes than a year ago and 56% are looking to learn how to take on a new home improvement project.
The research study, “2020-21 Home: By the Numbers,” was performed for Lowe’s by TRUE Global Intelligence, the in-house research practice of FleishmanHillard, surveying 2,005 U.S. consumers between Dec. 13-16. The study found that due to lockdowns and stay-at-home orders that more home improvement projects began in 2020 but it might have just been the launchpad for more. The study found that 64% of the homeowner respondents say their home means more to them now than it did a year ago, and 58% of renter respondents said they want to own a home more now so they can do more with the space.
Other insights to come out of the study:
- 33% of respondents estimate they’ve spent more on home improvement during the pandemic than before;
- 46% of respondents said they spent money on home improvement where they would’ve spent it elsewhere;
- 20% said they plan on spending more on home improvement compared to their pre-pandemic budget.
As for types of projects performed at home, many of the respondents turned rooms into home offices, home classrooms or personal gyms. Outdoor spaces took on a greater focus with more consumers turning toward gardening to grow their own produce, building outdoor escapes or socially distanced destinations.
The study said 65% of respondents are looking to try gardening and 45% are looking to improve an outdoor living space in 2021.