Home spending is skyrocketing. In the latest US stimulus package, American consumers spent 21% of their checks on home-related items, according to GlobalData—which isn’t surprising, given that 77% of Americans took on at least one home improvement project in 2020, up from 68% in 2019.
In 2020, net sales at home improvement meccas like Home Depot, Lowe’s and Ace Hardware rose by 20%, 24% and 28%, respectively. Dollar sales in the US home improvement category rose 22% in 2020, according to data from the NPD Group. NPD also found that dollar sales of small appliances and housewares grew 46% and 38%, respectively, in January 2021, while sales of home textiles rose 19% rise in 2020.
To meet growing demand, brands are ramping up their homeware offerings—in some cases even pivoting from other categories.