More individuals are getting to work on home improvement projects during the coronavirus (COVID-19) pandemic, according to Bank of America. Millennials are spending the most to achieve their desired home improvements.
A Bank of America poll of 1,054 Americans about their attitudes and shopping habits during the coronavirus found that 70% have decided to tackle home improvement projects, with more projects planned for 2021. Activity may decrease in the short-term as parts of the population begin to return to their places of work and spend less time at home, according to Bank of America analysts.
While the appetite to remodel has increased across all age cohorts, since many millennials live in older homes, their spending outpaced other groups, according to Bank of America. Millennials' desire to remodel may kick off "a wave of renovation activity by a generation that has been relatively slow to enter the house market," according to Bank of America.
The findings of Bank of America complement recent research suggesting the desire to renovate is increasing among individuals confined to their homes during the pandemic. A survey conducted by Realtor.com found that upgraded kitchens, more space, and home gyms are among the top desires of homeowners sheltering-in-place. Houzz found the majority of homeowners with remodeling projects ongoing or planned as the pandemic was declared opted to follow through with plans. A LightStream survey found nearly three-quarters of respondents are planning to complete a home improvement project in 2020, and individuals are moving forward with or expanding projects at more than twice the rate of those cutting back or canceling projects. Some homeowners are even opting to complete renovations without the aid of professionals. Realtor.com reported a third of respondents had attempted a DIY project while sheltering-in-place and the first quarter earnings reports of both Home Depot and Lowe's found that DIY sales outpaced pro sales during the first quarter of 2020.
