Home improvement shoppers were among the first to see a lull in their spending during the pandemic, but things appear to be getting better. According to CivicScience, the percentage of consumers who intend to reduce spending on home improvement has dropped to the lowest level in over a year. This could mean the industry can recover from the slowdown that began last spring.
Bucking broader trends in online shopping and declining brand loyalty, Americans remain committed to supporting their favorite home improvement stores. Home Depot and Lowe’s dominate the market with customers appreciating their wide selection, competitive prices and convenient delivery services.
While Millennials may not have the resources to renovate their homes like Baby Boomers did, they are likely to spend more than ever on items to beautify and upgrade their spaces. The shift from urban apartments to suburban and rural homes could also support the home improvement retail industry in the long term.
While many retailers are looking to capitalize on this opportunity, it’s important that they continue to provide a great in-person experience for these shoppers. Almost two-thirds of Americans say that the most important factor when selecting a hardware store is being offered help by an associate. Vancouver-based furniture and décor retailer Urban Barn has found that offering a unique, personalized in-store experience can lead to a 59% conversion rate boost and 270% lift in time on site. Using consumer data to personalize experiences can further improve customer satisfaction and loyalty.