Home improvement has become a big buzzword in the pandemic—and it’s a trend that will likely stick around following the pandemic.
Big box retailers, like Home Depot and Lowe’s, have seen a significant boost in demand for supplies as homeowners have rushed in to spruce up their nests during the COVID-19 outbreak.
And it doesn’t look like they’re running out of projects yet. More than 88% of 1,000 consumers recently surveyed by Wells Fargo say they expected to increase their retail spending in the second half of the year on items such as appliances and electronics. Home improvement was the biggest category for expected spending.
Both recent moves and continued additional time at home are motivating factors to tackle home improvement. About 14% of respondents said they have recently moved or have plans to move due to the pandemic. Further, more than half reported they expect to work from home into 2021.