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{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} of respondents said they “have bigger plans” for their homes than a year ago and 56{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} 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{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} of the homeowner respondents say their home means more to them now than it did a year ago, and 58{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} 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{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} of respondents estimate they’ve spent more on home improvement during the pandemic than before;
46{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} of respondents said they spent money on home improvement where they would’ve spent it elsewhere;
20{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} 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{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} of respondents are looking to try gardening and 45{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} are looking to improve an outdoor living space in 2021.

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