The coronavirus pandemic has changed the way we live and work. Though it has dampened businesses across the globe, it has also given rise to new trends.
Data provider S3 Partners had anticipated a decline in spending on furniture and home improvement with household finances being hit hard by economic challenges posed by the pandemic. However, things have panned out in a different way. A huge number of Americans in lockdown have been spending lavishly on upgrading their living spaces, which has helped Do-It-Yourself (DIY) and homeware or home furnishing companies to flourish.
Living Space Upgrades Push Home Furnishing Stocks Higher
With lockdowns in place, people are spending more time at home. The work and study from home trend has increased demand for furniture. In fact, due to globalization, new designs and a variety of items are now available online. This has boosted growth of the home decor market further. With online retail open during the lockdown, furniture and other home decor items have been available at a discounted price, making it more affordable for customers.
Per a Technavio report, the online home decor market is poised to grow by $83.32 billion during 2020-2024, at a CAGR of almost 13%.