by Freedonia Industry Studies
April 15, 2021
For many homeowners, an unanticipated benefit of the COVID-19 has been the amount of time spent at home, which has – as noted on this site frequently – spurred a wave of home improvement projects as consumers looked to improve their residences, adding decks and pools, remodeling kitchens and bathrooms, and converting little-used spaces into home gyms and offices. However, smaller projects have not been neglected, either, as many can attest: the “honey-do” list never seems to shrink.
Indicative of this was the recent quarterly sales announcement by WD-40 Corporation, which reported that sales were up by a double-digit percentage compared to those of a year ago. The company, which makes a wide range of lubricants, including its eponymous WD-40 product used in a wide range of home improvement projects, noted that its sales growth was boosted by the home renovation market, as homeowners undertook a wide range of delayed improvement projects, including the oiling up of squeaky doors and wheels, hard-to-close drawers, and other such tasks. Many of these jobs might not have been completed had not homeowners with abundant spare time on their hands and decided to cross these tasks off their lists of things to do once and for all.
For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, including Lubricants and Global Lubricants. Freedonia Custom Research is also available for questions requiring tailored market intelligence.