The COVID-19 pandemic has forced many of us to spend more time at home than ever before—and, for many homeowners, all that extra time at home has translated to extra spending.
A recent survey from Cinch Home Services found that more than half of the 1,000+ homeowners surveyed (52%) spent more on their homes since the pandemic hit—$1,329 on average.
So what, exactly, did homeowners spend on during the pandemic? Top home-related purchases included:
- Furniture (54 percent)
- Appliances (48.5 percent)
- Decor (47.1 percent)
- Home improvement tools and products (44.3 percent)
Homeowners cited a variety of reasons for increasing their home spending during the pandemic, including improving home comfort (57.2 percent), modifying home atmosphere (37.9 percent), and improving home organization (29.8 percent).
The Takeaway:
So, what does this mean for you? If you invested in your home during the pandemic, you’re not alone. Lots of people weren’t just spending more time in their home, they were also spending more on their home. If it made the experience of lockdown more tolerable and comfortable, it was money worth spending.