Dublin, January 19, 2021 (GLOBE NEWSWIRE) – ResearchAndMarkets.com published a new article on the home improvement industry “Home Improvement – Home Improvement Sales Expected to Remain Strong in 2021”
Harvard University’s Joint Center for Housing Studies forecasts annual renovation and repair spending growth of 4.1% through the first quarter of 2021, with a decline to 1.7% by the third quarter.
Annual home renovation and repair spending is projected to increase from $ 332 billion to $ 337 billion by the second half of 2021. In 2020, the home improvement sector saw growth as consumers spend more time at home in addition to the need to adapt their home for new uses such as work, school and leisure.
Trends that began in 2020 are expected to continue and even gain momentum in 2021 as consumers who have gained confidence in their home improvement skills move to more ambitious projects. Major trends for 2021 include consumers looking to repurpose existing spaces in their homes, reorganizing home storage like closets and garages, and an increased focus on improving outdoor living spaces.
According to a survey by Lowes in December 2020, around 40% of consumers said they started a new hobby with tools or DIY, while 59% said they would continue to spend a percentage of the money that was used on other things before the pandemic on the subject of home improvement.
The article on ResearchAndMarkets.com contains a selection of reviews on the home improvement industry such as:
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Canada and USA Do-It-Yourself Home Improvement Report & Database
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Home Improvement Products – Global Market Development and Analysis
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Do-It-Yourself (DIY) Home Improvement Retail Market in Europe 2020-2024
For the full article and list of related market reports, see Home Improvement – Home Improvement Sales Is Expected To Stay Strong In 2021
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