Consumers spent approximately $420B on home improvements and repairs in 2020, an increase of over 3% YoY. Curious for greater detail, we conducted Glimmer research to understand what matters to consumers in the home improvement space, how they feel about market conditions, and what their new priorities are. Of note is consumers’ approach to purchasing home improvement/décor items: a lot of shopping is done in-store only, but a significant group of consumers are omnichannel. BOPIS is on the rise—a long-lasting impact of the pandemic for retailers—and certainly a channel to watch on the go-forward.
How We Live: Infographic Highlights
- 66% of consumers did home improvement projects over the past 12 months
- 71% of consumers have home improvement projects planned for the next year
- 45% plan to paint their interiors
- 37% plan to interior decorate
- 35% plan to install flooring
- 32% plan to purchase furniture
- 27% plan to upgrade outdoor spaces
- Big challenges to the category:
- 79% of consumers are frustrated with the home improvement experience lately because of high prices and/or scarcity of materials and labor
- 75% agree that projects are moving slower than planned
- 56% agree that they would like to move but the market is too expensive right now
-
17% agree that they are listing their home for sale because of market conditions
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Additional Sources: Joint Center for Housing Studies of Harvard University, “Despite Devastating Effects on the Broader Economy, Pandemic Has Been a Boon for U.S. Home Improvement,” 25 March 2021
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