How Has Covid-19 Impacted The Home Improvement Industry?
Oct 12, 2020 20:45
Due to the COVID 19 outbreak, a majority of people have been spending time at home. With schools and businesses on lockdown as well as moving restrictions, life as we once knew it has truly changed. To keep busy, homeowners have embarked on home repair and renovation projects.
The leaking sinks and cracking ceilings that could not previously be fixed due to a busy schedule have now become passion projects. As not all homeowners are repair experts, they tend to call on home improvement professionals to tackle these problems.
Where other businesses are going through a recession, the home improvement industry has experienced a surge in activity.
Here is how COVID-19 has impacted the home improvement industry:
1. Growth of business
As destructive as the coronavirus pandemic has been, it has taught home improvement experts a valuable lesson; that their businesses need to be diverse enough to weather the storms.
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Professionals who only operated physical stores have now transitioned their businesses online. With the restriction in movement, it is difficult to interact with professionals at physical locations.
Therefore, a majority of business owners are promoting their online stores heavily. This way, home improvement businesses have expanded.
2. Experts are building lucrative pipelines
Home improvement experts have taken advantage of the fact that many people now spend time indoors. Thus, they call different houses to educate on the importance of carrying out repairs and renovations.
Because these individuals are not occupied at work, they engage in meaningful conversations with the experts. Usually, these conversations lead to an appointment.
This is the best way to build a pipeline of clients. If the homeowner is not ready to embark on their project, they can schedule it a few months down the line.
3. A rise in home value
This is not only beneficial for the homeowner but also for the home improvement industry at large. Homes that are well-remodeled or renovated tend to go up in value.
And with the total homeowner equity taking a double in the past five years, people are not afraid to put money into home repairs. This is a win-win for the homeowner and the industry at large.
4. Home improvement experts have retained their jobs
There is nothing as disturbing as the number of people that have lost their livelihood because of COVID-19.
However, home repair experts have been spared from this trauma as they have been able to retain their jobs. An increase in repairs has kept these experts busy and equally kept money in their pockets.
COVID-19 has encouraged homeowners to dust off their to-do lists and complete their pending home repair projects. As people have a lot of time to spare, it is unsurprising that home improvement sales have risen significantly. This boost in demand has elevated the industry and placed it on a whole new level.
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