Americans Investing in Homes, Post COVID-19
New York, NY, June 17, 2020-Decreased spending in the lockdown means that some Americans now have extra cash, and they are spending it on home furnishings, among other things, reports the Wall Street Journal in an article titled, “Boats, Pools and Home Furnishings: How the Lockdown Transformed Our Spending Habits.”
“The crisis caused by the coronavirus has pushed millions into unemployment and left them straining to get by. But many consumers in the U.S. and Europe who have held on to their jobs or are getting government benefits have seen their bank accounts swell during lockdowns, according to government data, because of restrictions on shopping and big-spending activities such as tourism.
“Consumers with means are driving surprising strength in a number of sectors. People are flocking to home-improvement stores and car dealerships. They want to install pools in their backyards and Jacuzzis in their bathrooms. Spending on furniture has jumped. So have sales of fitness and sports equipment.
“For the week ended June 6, sales at home improvement retailers jumped 32%, while sales at furniture stores were up 6%, compared with the same week last year, according to Mastercard SpendingPulse, which tracks sales for in-store and online purchases.”