Increased in-home events around entertaining, cooking, and eating are just one element of the demands being placed on home spaces today. Consumers are also working, exercising, meditating, crafting, creating spa-like treatments and experiences inside the comforts of their home, which is driving a need for new living space solutions.
To solve their space needs, many consumers look to simple do-it-yourself (DIY) renovations or room make-overs. Almost 60% of consumers said they worked on a DIY project on their own or with someone else in the past year, another 22% said they have not but would in the future, and 12% of consumers indicate they attended a DIY workshop. 1 But home improvements don’t always mean sheetrock and studs – DIY projects can range in complexity.
Last year there was a focus on decluttering. As a next step, consumers will solve for their space solutions through home décor spanning segments like furniture, hardware, paint, flooring, rugs, organization solutions, and more. Designating a separate workspace with an area rug, adding a storage ottoman to hide exercise equipment that can double as seating, hanging plants for a meditation nook are some approaches that can rejuvenate a room while providing the functionality that consumers crave without tearing through walls or wallets. Home décor currently makes up about 22% of overall home improvement industry sales with over 30% of online sales among home improvement channel retailers like Home Depot, Lowe’s, Wayfair, and Overstock, and nearly 40% at pure play retailers. 2
Today’s homes must function across all of the needs and aspirations of today’s consumer: a combination of an accomplished host, an athlete, an artist, a teacher, an executive, a yogi, a sustainably conscious consumer, and many more. As lifestyles continue to shift, how we structure and elevate our spaces will continue to grow in importance and the home improvement industry plays an integral role in giving consumers the tools and products to do this. In 2018, over 80% of meals were prepared and eaten in the home, 3 and about 30% of consumers worked from home at least some of the time.4 Consumers are striving for home solutions that promote purposeful living and provide opportunity for increased productivity, efficiency, safety, security, and a sense of inner calm. The home improvement industry has an opportunity to make it easier for consumers to find and execute these solutions at whatever stage they are in, from building to décor.
1Source: The NPD Group / January 2020 Omnibus
2Source: The NPD Group / Checkout, 12 Months Ending June 2019 vs. Year Ago
3Source: The NPD Group / Food Tracking Service
4CivicScience, and NPD partner