Three articles – published within days of each other – each had a slightly different take on the effects of the COVID-19 pandemic is having on the home remodeling market:
- One article indicated that dealers and contractors in the kitchen and bathroom remodeling industry were seeing the effects of the coronavirus pandemic lessen as more consumers expressed an interest in these projects.
- Another article stated that home renovation activity fell sharply between March and April of 2020 as consumers cancelled many projects in the wake of the coronavirus outbreak.
- Finally, a report which that while many homeowners had put off home renovations because of the pandemic, they expected to undertake home repairs going forward.
The home remodeling market – as the above articles indicate – is in a great deal of flux right now. On the one hand, states are “re-opening” and consumer spending is increasing, and some of that will spill over into the construction market. Others, noting that unemployment and financial uncertainty remain high, expect only marginal improvement in the home improvement segment.
The Freedonia Group predicts that construction spending – including that of the home improvement market – will contract in 2020 but will post rebounds in 2021 and the years beyond as the economy improves and more consumers feel confident enough in their own finances to invest in their residences.
For more information, see The Freedonia Group’s collection of research and analysis on construction and building product industries. Freedonia Custom Research is also available for questions requiring tailored market intelligence.