7 Signs of Progress for Home Improvement

  • Categories:

    COVID-19 Response

  • Date:

    May 15, 2020

7 Signs of Progress for Home Improvement

COVID-19 Response

Welcome to mid-May. If your business is like many in the home and building category and elsewhere, you’ve started to shift your focus from surviving the day to planning for what’s next. How quickly we all recover from this crisis depends on our ability to get back to work as well as our ability to keep hospitalizations due to COVID-19 in check.

It’s a long road back, despite lots of good news. That’s why today, nine weeks after COVID-19 reached pandemic status, Wray Ward continues to share updates on the state of the market, media trends and other critical factors for the economy and your organization.

Need some encouragement as you head into the weekend? Here are seven developments that should all bode well for home and building. Want the full picture? Download a free copy of our latest weekly POV.

As of May 15:

  1. For the sixth straight week, initial jobless claims showed a slight downtick in the week ending May 9, bringing the total to 36.5 million since March. While the numbers continue to fall, filings haven’t eased quite as much as economists predicted. (Bloomberg)
  2. Affluents are showing signs of pent-up demand, with intent to purchase a new car or truck, home goods and services, apparel and more all on the rise. (IPSOS)
  3. Contractors are back on the jobsite thanks to a recent increase in project requests. (The Farnsworth Group)
  4. More good news, this from kitchen and bath: Nearly one-third of National Kitchen & Bath Association (NKBA) members reported increasing demand for their goods or services. (NKBA)
  5. Experts predict a surge in household and business relocations in the next few months—which should fuel new, strategic opportunities for the real estate market. (John Burns Real Estate Consulting)
  6. Americans are slowly beginning to travel more than one mile from home (69% do it daily, compared to 80% in normal times). (MediaPost)
  7. Media companies are coming up with creative ways to fill their content gaps: For example, HGTV will produce four self-shot series, all slated to premiere in May or June. (Discovery Networks)

As a reminder, on a weekly basis, Wray Ward will continue to publish timely information, trends and advice related to the coronavirus.*

If you have questions or want to discuss specific next steps for your brand, please feel free to contact me.

*All statistics as of May 15, 2020.

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