NOW YOU KNOW. No. 1 Pandemic-Fueled Home Project? New Furniture

Dated: March 30 2021

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No. 1 Pandemic-Fueled Home Project? New Furniture

New appliances ranked second, followed by décor, and home improvement tools and products likely needed for do-it-yourself projects.

NEW YORK – Over half of homeowners’ (52%) new hobby? Fixing up the house.

On average, homeowners reported spending $1,349 on home-related purchases since the start of the COVID-19 outbreak, according to a new survey of more than 1,000 homeowners from Cinch Home Services.

The top out-of-pocket expenses went to furniture and then new appliances:

  1. Furnitures: 54%
  2. Appliances: 48.5%
  3. Décor: 47.1%
  4. Home improvement tools/products: 44.3%
  5. Electronics: 43.2%

A lot of the furniture increase might not be spent for replacing existing furnishings, however; it may be for outfitting home offices. Nearly three-quarters of workers between the ages of 18 and 74 started working from home since the pandemic, according to a LinkedIn and USA Today survey. About 54%, however, did not have a remote work setup prior to COVID-19. They likely needed to buy some things to get their home office ready.

The top reasons for pandemic-inspired home improvement projects has been to:

  1. Improve comfort (57.2%)
  2. A desire to modify the home’s atmosphere (37.9%)
  3. Get better organized (29.8%)

About 24% of survey respondents – mostly millennials – also said they spruced up the home to improve their mental health while sheltering in.

Sources:

“Survey: People Weigh in on Their Best Home-Related Purchases During COVID-19,” Cinch Home Services (Feb. 12, 2021)

Floridarealtors.org. March 30, 2021

 

© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688

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Jaime Valcárcel

South Florida Real Estate Agent. Member of the MIAMI Association of Realtors.....

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