The lockdown caused significant increase of free time and repurposing of the home has caused a serious DIY boom. Over the past few years, people all over the world transformed their homes into their office, their entertainment center, their gym, their restaurant and more. The time usually spent traveling or commuting turned into time for interior decorating and home renovations.
DIY & Home Improvement industry has seen a significant increase and is only continuing to flourish. Statista quoted the global home improvement market value as 763 billion USD in 2020. With a compound annual growth rate of +4%, it is set to exceed the trillion dollar mark in the next 5 years.
Funds have also been reallocated to terrace and garden enhancement for safe outdoor meetings. According to Criteo, this has led to a major rise in outdoor furniture sales up to 1908% in the United Kingdom, 956% in Germany, and 428% in the United States in 2020.
What’s more, shoppers have turned to online shopping in an industry previously dominated by offline shopping. During the height of the pandemic, it was the only option, but now shoppers are sticking to the convenience of home deliveries and click & collect options.
Something to keep in mind: with the supply chain issues that have also resulted from the pandemic, small retailers are benefitting just as much, if not more. As factory shut-downs caused major delays from bigger players, shoppers turned to the more reliable stock of smaller sellers, allowing them to grow significantly with the market.