The year 2020 was majorly characterized by stay-at-home and social-distancing practices, thanks to the coronavirus pandemic. The increased time spent indoors led many individuals to focus on making homes a comfortable and enjoyable space. In fact, revamping interiors to adapt with work-from-home and remote schooling needs were widely undertaken. Inclination toward home renovation and maintenance projects played out as an upside for several companies in the home improvements space. Moreover, the housing market witnessed higher home buying activities amid the pandemic. This also turned out to be an advantage for companies catering to home improvements needs.
But now that vaccinations are picking up pace, social distancing norms are expected to subside eventually. This is likely to lead to more time being spent outdoors for work, socializing and entertainment needs. As a result, home-renovation projects are anticipated to decline from the current high levels. Nevertheless, industry experts opine that not all pandemic-led favorable impacts will fade in 2021. They believe that work-from-home practices are likely to remain a prominent feature in 2021 as well. Also, many are likely to continue with their interests in keeping homes well maintained.
Additionally, home improvement retailers are expected to keep gaining from rapid urbanization trends.