Skip to content
CA
  • House Design
  • Home Improvement
  • Renovation
  • House Renovation
  • Bathroom Decoration

Fewer Americans are making home improvements after covid

Posted on 25/05/2023 By Kartika
Home Improvement

Image for article titled The pandemic-era mania for home improvements is over

Image: Mike Blakes (Reuters)

America’s obsession with renovating homes is finally coming to an end.

the trend that took over during the pandemic-triggered lockdown is now fading away, thanks in part to volatile economic conditions. The shift has started to impact companies such as Home Depot, one of the largest retailers in the US, which reaped the benefits of the trend over the past few years.

Quartz Smart Investing: Anna Han

Americans’ love for improving homes helped Home Depot’s revenue climb to a record $160 billion for the quarter ended on Jan. 31, 2023—up from $70 billion for the same period in 2008-2009.

But things are shaping up differently now. For the first time since 2009, Home Depot’s executives suspect a drop in its annual sales as they did observed that people are spending less on renovations and power tools.

“We saw more pressure across the business compared to what we observed when we reported quarterly results a few months ago,” Home Depot Chief Executive Ted Decker said on an analysts’ call. The chain has projected its sales to fall between 2% and 5% in fiscal 2023.

why the home improvement craze faded in the US

The dip in home renovations has been the result of the appreciation of home prices and refinancing mortgages, in addition to economic uncertaintyaccording to a January report by the Joint Center for Housing Studies of Harvard University.

the anticipation of a recession is also contributingthe organization said.

“Homeowners are likely to pull back on high-end discretionary projects and instead focus their spending on necessary replacements and smaller projects in the immediate future,” said Carlos Martín, project director of the Remodeling Futures Program at the Harvard’s Joint Center, in the report.

The official numbers back up the Harvard report’s predictions. The latest data published by the Federal Reserve Bank of New York this week indicated that Americans generally aren’t in a position to spend on home improvement. the persistent rises in the prices of essentials such as food and rent have wreaked havoc on household budgets, forcing many Americans to use credit cards to pay for their survival. The total US household debt reached a record $17 trillion earlier this year.

Tags: home improvement loans home improvement products home improvement stores home improvement stores near me how many seasons was home improvement

Post navigation

❮ Previous Post: District plans renovation project for WJW and CA Gray | Local News
Next Post: Keltie Knight’s Re-Done Bathroom Will Inspire Your Home Renovations ❯

Recent Posts

  • Exploring Cooking With Exotic Fruits
  • The Impact of Gadgets on Environmental Sustainability
  • Choosing the Right Laptop for Graphic Design
  • Gadgets for Efficient Time Management
  • How to Embrace Change in the Tech Landscape

Tags

assam type house design photo business design your own house estate home design home improvement hulu home improvement loan home improvement loan rates home improvement products home improvements home improvement season 1 episodes home improvement stores near me home improvement streaming netflix home improvement tv show house design house design drawing house design games house design ideas house design online house design plans house design software free house remodeling house remodeling ideas house renovation design house renovation games jewellery latest newest nice house designs old house renovation ideas online renovate home renovating renovation angel renovation house renovation island renovation meaning in hindi renovation order of operations renovation process renovation projects renovation vs restoration simple house design technology types of renovation why did home improvement get cancelled

About Us

  • Contact Us
  • Disclosure Policy
  • Sitemap

Theme: Oceanly News Dark by ScriptsTown

WhatsApp us