The home improvement boom relating to the pandemic hasn’t just been DIYers spending their stimulus checks and adapting their space to remote work and school or to backyard vacations. The ultra-rich bought getaway homes, investment homes, and get-out-of-the-city homes just because they could.
Not only have they been investing in remodeling homes they already have, these newly purchased homes were refreshed and adapted to the new owners’ style and preferences. The pandemic made all – including the ultra-wealthy – reconsider the spaces where they lived. A robust stock market, interest in moving to tax-friendly states, a shift away from major urban centers, and people reconsidering their lifestyle are among the factors that drove this boom.
The result: months long waits for things such as commercial-grade high-end appliances, custom-built furniture, and even designer and contractor services. Additionally, the wealthy are not immune to the ongoing lumber shortage, when construction is required.
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 and Consumer Goods areas, including Flooring, Carpets & Rugs, General Purpose Lighting Fixtures, and Outdoor Furniture & Grills, and Freedonia Focus Reports such as Real Estate: United States, Window Coverings: United States, Household Furniture: United States, Furniture: United States, and Furniture & Furnishings: United States. Freedonia Custom Research is also available for questions requiring tailored market intelligence.