Home Improvement Industry Rises while DIYers search for Expertise
Of all the industries negatively affected by Covid-19, home improvement is not on the list. Home Depot recorded year over year increases in sales of 23.4%, hitting just over $38 billion for Q2.
Another thing that may surprise you is knowing that the key drivers behind these sales are millennials, according to a poll from Bank of America. Moreover, BoA found that only 30% of people aren’t starting home improvement projects this year. So you might be wondering what’s making people start new projects and choose to do the work themselves?
1) People are leaving major cities
If you live in a major city, you probably have a friend or two moving away in search of bigger homes with open backyards and colorful gardens? Yep, it’s no myth. Not only are people leaving major cities to move into larger homes, but they are also choosing to buy older homes. This aligns with the needs of a younger generation who lack the budgets for city housing prices and will happily settle with getting their hands dirty elsewhere by renovating within their price range.
2) Driven by millennials, DIY culture leads sales
With 80% of Lowe’s customers being DIYers, it’s no surprise that their shares have risen 56% over recent months. With 5 million of the U.S workforce stuck working from home this year, consumers have another reason to visit home improvement stores like Lowe’s and begin making upgrades themselves.
Let’s dig into Lowe’s mid-pandemic statistics a bit closer here:
- Sales surged 11+%
- Online sales jumped 80%
- Profits increased 28% from last year
So what does that mean for you? Let’s get to it!
3) More improvement projects means a greater need for expertise
Looking at trending searches during this time, you will find many breakout increases (5,000% or more) in topics related to “DIY” and “how to.” Social distancing has not only forced people to rely on themselves, but it has caused a temporary decrease in demand for handymen and anyone else you may be afraid to come in contact with while hiring for a project. How can a business owner like you can take advantage of this new normal while DIY and “how to” searches are having a huge spike? Wondering what you can do to adapt to the new normal?
4) Remote assistance to bridge the gap
From medical training to corporate learning, companies are investing heavily in remote technologies to combat the issues around social distancing. In the case of Home Depot and Lowe’s, consumer searches are displaying a demand for remote assistance by home improvement/ DIY professionals.
Home improvement professionals like you and your customers who are homeowners should be considering how remotely connecting with the other may fill in large gaps that exist during the current rise in home improvement projects.
With marketplaces for home improvement and remote assistance seeing an uptick of more than 50 percent, professionals like you have more opportunities than ever to turn the new normal into a great business opportunity.
If you are an expert or a business owner looking into learning more about remote assistance platforms that can help you tap into a whole new market, visit www.fixmate.io to see how remote assistance can tackle these sorts of issues and keep professionals connected with those seeking help.
Sources:
https://www.weforum.org/agenda/2020/05/google-trends-search-online-coronavirus-covid-19/
https://www.pymnts.com/news/retail/2020/home-improvement-sees-a-boom/
https://snacks.robinhood.com/newsletters/7Fl0kcKPHzNEVEVwnee0Zp/
