Consumer demand in the U.S. home services industry was off to an astounding start for the first 73 days of 2020, tracking 68% over 2019, according to a new report
from EverCommerce, the leading portfolio of service software solutions.
Then, a roller coaster ensued when the government declared a national emergency on March 13 – demand for home services, which encompasses home improvement, repairs and maintenance, and installations, sank 73% in three weeks.
Demand rebounded to seasonal levels in May when stay-at-home orders were lifted, the report says. Weather and seasonality also played a role.
The experience of different service segments – exterior, interior, and trade – trended at varying levels during the first half of the year, with exteriors benefitting most from the May resurgence. Regional differences, which are detailed in the report, also affected consumer demand, as different parts of the U.S. had both seasonal changes and virus-related restrictions on varied timelines.
The report also identifies four industry trends coming out of the pandemic experience:
1. Adoption of virtual consultations, estimates by drones, and other tech-enabled solutions to provide contactless service.
2. An increasing desire to renovate among people confined to their homes during the pandemic, with several interiors projects topping the list.
3. Millennial spending on home projects – the most of any age cohort.
4. "Porching,” a new phenomenon in which front porches act as stoops where neighbors can casually gather using social distancing guidelines. The investment in exteriors now extends beyond just the home and backyard to the front yard as well.
EverCommerce said they plan to track trends such as these, as well as consumer demand, on a quarterly basis. You can explore the different service segments, and how your region fared, in the complete report, which can be accessed through the link below. Additionally, you can subscribe to receive market research to help you make informed decisions about your business.
Get the complete Q1/Q2 U.S. Home Services Consumer Demand: Trends and Insights report.