Boca Raton, FL, Jan. 14, 2021 (GLOBE NEWSWIRE) — When COVID-19 forced millions of people to stay at home, many of them got busy fixing up their homes, which is why retailers, such as Lowes and Home Depot, thrived during the pandemic.
Third-quarter sales for Lowes increased 30.1 percent to $22.3 billion, while Home Depot reported a 24 percent spike from 2019 as people spruced up their homes while stuck at home.
“The reason the U.S. economy has shown resiliency is that COVID-19 didn’t hurt all the consumer goods sections. For many consumers, they just switched from in-store purchases to online buying,” said Mitch Gould, founder and CEO of Boca-Raton based Consumer Products International. “Many consumer industries, such as home improvement, thrived during the health crisis.”
Gould said the U.S. economy in 2021 should continue to rebound as Americans receive stimulus and expanded unemployment checks, and businesses receive aid from the government.
“We have a $900 billion stimulus package that will fuel the immediate economy while the country expands its vaccination rollout to reach millions of people,” Gould said. “As more people receive the vaccine, I think you will see a return to normalcy.”
Annual expenditures for renovation and