US & Global Economic Impact Analysis and Forecasts

Freedonia analysts and economists are sharing their insights on how major events are impacting different parts of the US and global economies.

Increasing Interest in Cabinet Refacing Reflects Complexities of COVID-19 Remodeling Market

A recent article highlighted the strong growth in sales of N-Hance, a firm that provides refacing services for cabinetry, wood floors, doors, and furnishing. The company, which can either use a proprietary process to remove dirt and particulates from surfaces, or completely change their surface look, has seen demand for its services rise as many homeowners – spending more time in their residences – decide that it is time to change the look of their kitchens and other rooms of the house.

However, this growth in sales demonstrates another facet of this COVID-19 economy –  namely, that while interest in home renovations remains high, many homeowners – beset by furloughs and job losses, as well as general economic uncertainty – do not have the financial means to undertake large-scale home renovations. These consumers are increasing looking to firms such as N-Hance to provide more modest (and budget-friendly) home improvement services.

Going forward, companies that can provide less expensive home renovations will continue to see sales gains as cost-conscious consumers look to upgrade their homes for minimal expense, such as:

  • Refacers of cabinetry
  • Companies that resurface countertops, such as by granite or engineer stone veneers
  • Firms that install new bathtubs and shower surrounds in existing bathrooms
  • Painting contractors
  • Firms that specialize in installing LVT or flooring with click-based installation systems

For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly in the Construction and Building Products. Freedonia also offers an expanding catalog of COVID-19 Economic Impact reports, which highlight how various industries are responding to the current crisis with a comparison to recent recessions. Freedonia Custom Research is also available for questions requiring tailored market intelligence.