Home Improvement Sales Expected to Remain Strong in 2021
The Joint Center for Housing Studies of Harvard University projects an annual growth in renovation and repair spending of 4.1% by the first quarter of 2021 with a fall to 1.7% by the third quarter. Annual expenditures for renovation and repair of owner occupied homes are expected to rise from $332 billion to $337 billion by the second half of 2021. In 2020, the home improvement sector saw growth as a result of consumers spending more time at home along with the need for consumers to adapt their homes to serve new purposes such as work, school and leisure.
Trends started in 2020 are expected to continue and even pick up pace in 2021 as consumers who have gained confidence in their home improvement skills turn to more ambitious projects. Key trends for 2021 will include consumers seeking to repurpose existing spaces within their homes, reorganization of home storage such as closets and garages as well as an increased focus on improving outdoor living spaces. According to a survey from Lowes in December 2020, approximately 40% of consumers reported that they had started a new hobby involving tools or home improvement while 59% said they would continue to spend a percentage of the money that went towards other things pre pandemic on home improvement.
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