In a recent webinar, Grant Farnsforth, Director of Business Strategy at The Farnsworth Group, and Zach Williams, founder and CEO of Venveo, share data which shows that home improvement spending is increasing with people spending more time at home.
Noteworthy highlights from the webinar:
- 63% of respondents to a survey of over 1000 DIY consumers reported that they began a home improvement project in April 2020, which was up from 60% of respondents who said they began a home improvement project in March 2020.
- In March, 55% of DIY home improvement purchases were made online, but in April, that number surged to 80%.
- Web surfing has accelerated, with searches for paint leading the way in building product categories with a 700% increase in search volume. Siding and kitchen and bath searched were also up, at 120% and 76% respectively. The percentages listed here are not for sales volume – they represent web search volume only.
- An 8% increase in NAICS 444 sales for the month of March was reported by the U.S. Census Bureau. Farnsworth indicated that in early reports he has seen from various industry sources, there is evidence of a strong start to April sales.
To learn more about DIYers response to COVID-19 and to get instant access to the recorded webinar, Click Here.