We’ve long been talking about the boom in backyard sanctuaries and entertainment spaces during this pandemic era, from pools and playground equipment to gardens and tools to furniture, grills, and fire pits.
July saw two key suppliers of grills and grill accessories (Weber and Traeger) and a leading online retailer of grilling equipment and other outdoor products (BBQGuys) announce plans to file for initial public offerings. This merged the trend of pandemic-era outdoor living with the strong stock market that has seen a large number of IPOs over the past year as companies emerged to capitalize on the growth. Many of these IPOs are using the special-purpose acquisition company (SPAC) form that BBQGuys is using; it is seen as a more flexible option with less restrictive reporting requirements.
Grill companies have benefited not only from the general outdoor living and entertaining trend, but also from the work-from-home trend. As more people worked from home, they tended to grill more meals at home – not just dinner on the weekends, but also lunch and even breakfast. Others who had previously not had the time to use slower outdoor cooking methods, like smoking, found that that changed as they could now start a meal earlier in the day while they were working at home and have it ready for dinner.
The group of people who have found their working situation has changed is still sizable. In The Freedonia Group’s National Online Consumer Survey conducted in June 2021, 10% of respondents noted that their change in working from home was temporary and has reverted to pre-pandemic patterns, but
- 33% of respondents noted that they were still working from home full-time more because of the pandemic
- 24% were working from home part-time more because of the pandemic
- 24% were working from home occasionally more because of the pandemic
For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly in the Consumer Goods area with titles such as Outdoor Living 2021, Outdoor Kitchens, Outdoor Furniture & Grills, Landscaping Products, Power Lawn & Garden Equipment, and Outdoor Lighting. Freedonia Custom Research is also available for questions requiring tailored market intelligence.