The home improvement market continues to be a bright spot for the US economy as homebound consumers continue to seek out ways to change the appearance of their homes. In addition to larger scale DIY projects – such as installing decks or converting rooms into home offices and gyms – homeowners are also fixing their homes by a more simpler method: buying new furniture.
Indeed, a recent article – showing that orders of furniture in June 2020 were up 30 percent compared to last year – should be considered surprising only because of the size of the growth and not simply because orders had shown an increase. Many homeowners have spent a lot more time in their residences, and one of the results is that people have had more time to decide that the old couch needs to go – and that now is the time to pick out the new one. New furniture can be much less costly and labor intensive than home improvement projects (especially those of a DIY nature), while still providing homeowners with a much needed change in the look and feel of their homes.
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 the Freedonia Focus report Furniture & Furnishings: United States. 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.