The North American Hardware and Paint Association (NHPA) recently hosted an in-depth webinar on the impact COVID-19 has had on the home improvement channel.
Sponsored by Epicor, the webinar was an opportunity for all members of the home improvement industry to take stock of the latest research into the ways the pandemic has influences consumer shopping behavior, supply chains and the economy at large.
Watch the complete webinar using the video link above and continue reading to learn more about the findings presented in webinar.
Key Takeaways for Home Improvement Retailers
Executive vice president of NHPA Dan Tratensek led the webinar session, recapping the early days of the pandemic when home improvement operations were considered essential across the U.S. and Canada and permitted to continue serving their communities.
- Many retailers have seen sales rise in the months since, as people from all walks of life spend more time at home. DIY project activity has jumped sharply as customers bought items to help them work from home successfully, catch up on key projects and sanitize their homes.
- Roughly 87 percent of independent retailers surveyed by NHPA have seen sales increase from 2019. On average, sales have risen more than 24 percent.
- Roughly 40 percent of retailers are budgeting for sales to decrease in 2021 from 2020’s actual sales, and another 40 percent expect sales to remain flat from 2020 to 2021. Nearly 20 percent of retailers are budgeting for increased sales in 2021.
- Retailers who are budgeting for decreased sales in 2021 estimate sales will be down roughly 15 percent from 2020 levels. 70 percent of those respondents are concerned about supply chain instability.
Tratensek also spoke anecdotally about the spirit of community and helpfulness that has emerged from retailers during the COVID-19 crisis.
“We are so much stronger when we work together,” Tratensek says. “During this pandemic, we’ve seen that more than ever. That is certainly something I hope persists after COVID-19, it has certainly helped our industry rise to the occasion like few thought it could.”
Catch Up on All NHPA Webinars
Amid COVID-19, NHPA has endeavored to keep the industry connected and well informed. Catch up on this webinar and all previous sessions today by visiting NHPA’s webinar page.