Home Improvement Boom During Pandemic Expected to Continue to 2021, By Grip Tight Tools

If there’s one thing people are finding comfort in during the pandemic, it’s their homes.

Key Points

• Home improvement sales are at an all-time high due to the Coronavirus pandemic.
• 90% of Americans are staying home and focusing on their homes, fueling a boom in wholesale hardware sales.
• Continued growth is expected in the home improvement industry, thanks to permanent changes in consumer behavior.

A new poll found that 90% of Americans have been staying home to prevent the spread of the Coronavirus. Ever since the Covid-19 pandemic hit, consumers have not only been staying home, but they’re spending more money on improving their space. Seeking Alpha, a stock market prediction site, projects that the rise in home improvement spending in 2020 is at least 8.7%, with even stronger expectations for 2021.

Without much outside entertainment, families are allocating more money in their budgets toward do-it-yourself projects. Simply put, the Coronavirus pandemic has created additional demand in the hardware and home improvement industry, and there’s no end in sight.

The Covid-19 Effect on Consumer Behavior

Families are adding on bathrooms, converting bedrooms into online classrooms, and turning garages into home offices. Many are also creating backyard getaways amidst what has been a challenging year. Kitchen remodels also increased with people cooking more due to restrictions on indoor dining.

Other Factors Fueling the Home Improvement Boom

With many employees working remotely and more students homeschooling than ever before, there’s an additional strain on water heaters and other manufactured items that get heavier use when the entire family is home all day.

Inclement weather this year has also been a factor in the increase of emergency-type repairs. Increased home sales and the resulting growth in people’s equity has also fueled the current home improvement industry boom.

Temporary and Permanent Shifts in Wholesale Hardware Sales

As with other stores, both wholesale and retail hardware suppliers are experiencing a surge in online shopping and curbside pickup. Although those differences are likely temporary, many are anticipating a permanent shift in buyer behavior.

Shoppers are getting into the habit of staying home more, and more than ever, they’re focused on fixing up their homes. In a very literal sense, working from home is the new normal. Many employees who started telecommuting during the pandemic will likely be allowed to continue now that they’ve proven they can do the job from home.

Not only that, but with 90% of people spending more time at home, they’re rethinking what they want in a house. Home sales are on the rise, fueling a spike in wholesale hardware sales resulting from construction and remodeling projects.

Shipping Delays

Some home improvement projects have been delayed during the Covid-19 crisis because of items taking longer to ship. Still, hardware distributors are stepping up to ensure that consumers eventually get their materials. From plumbing supplies and door hardware to natural outdoor stone, consumers are snapping it up fast, both in-person and online.

Wondering what to buy for those hard-to-shop-for adults on your Christmas list? Send them a gift card for home improvement supplies because they will need tools and materials for all those DIY projects.

About Grip Tight Tools

At Grip Tight Tools®, we are one of the leading master suppliers of top-notch wholesale hardware and natural stone products. We have been in the industry for more than 25 years and we import goods internationally. Our well-established company serves a wide customer base, which includes:

Hardware wholesalers and distributors
Hardware stores
Outdoor stone and granite distributors
Locksmith stores
Paint retailers
Building supply businesses
Plumbing supply stores
Lumber yards
Electric supply establishments
Prominent chain stores