With so many staying home this year, particularly as we brace for a second wave of COVID-19, consumers are spending more on home and housewares products to make at-home living and newfound hobbies in the kitchen an enjoyable experience. In fact, The NPD Group’s Future of Home report predicts 15 percent year over year dollar growth for the industry during the fourth quarter of 2020.
“This year the holidays will be as much, if not more, about the time we spend at home than the time we spend with others,” said Joe Derochowski, home industry advisor at NPD. “In preparation for the holidays, and colder weather across many regions of the country, consumers will be looking to give and get products that both facilitate and enhance their altered celebrations and increased in-home activities.”
Growth Expectations by Home Product Segment
|Super Category||Q4 2020 YOY Growth Forecast|
|Home Environment Appliances||+20%|
|Personal Care Appliances||+2%|
|Source: The NPD Group / The Future of Home, September 2020|
While each segment of the home industry can anticipate growth through the holiday season, it is the gifts to help family and friends stay groomed and fed that top the list of anticipated home-related gifts to give for many consumers — electric toothbrushes, food storage, cookware, air fryers, bakeware, facial hair shavers, fans, curling irons, hair dryers and kitchen gadgets. This continued expansion of daily living needs will bring end-of-year growth that is stronger than most years, but it will also be tempered from what was seen since the start of the pandemic.
“There are three levers for growth that can be engaged during the holiday season — gifting, special occasions and daily living,” added Derochowski. “In addition to simplifying everyday tasks, the home industry has an opportunity to help the consumer elevate this year’s holiday meals and celebrations in spite of today’s limitations and create an in-home experience that goes beyond the everyday.”