The House Hype: when home became the only destination

Monday, December 28, 2020 by Snacks
"_I spruced up the place a bit"_

"I spruced up the place a bit"

Commuting to the fridge... The excitement is palpable. In March, we realized home is where the heart is — and also where the entire year is. Cue: "The House Hype." The best time to DIY-home improve is when you're home 24/7, so we invested in sprucing up our biodomes. We thought the hype might be slowing in May, but it barreled through the rest of the year. The House Hype wasn't just a hideaway — it was a necessary distraction.

Home Improvement and Decor: From $5 candles to $5K cloud couches...

  • Lowe's saw shockingly strong growth as you repainted your kitchen (three times) — sales were up more than 30% for the past two quarters.
  • Home Depot said "same" and had its best quarter in 20 years, raking in $38B in sales from May to August as you finally changed the unhinged toilet seat.
  • Restoration Hardware's fancy profits soared on $1K faucet handles.

Home Appliances: From Chromebooks to bidets...

  • Best Buy's online sales more than tripled from May to August as you picked up your Nintendo Switch curbside.
  • iRobot sweeped up strong Roomba sales as compulsive cleaning became a national pastime.

Home Delights: From gardening to sourdough starters...

  • Netflix added an insane 28M subscribers in nine months as we lived vicariously through its shows.
  • Peloton's subscriptions and sales doubled for 2020 (and its stock 5X'd), as $2K spin bikes became the most expensive coat racks of the year.

Revenge spending could be next... Our houses are decked out, we have enough Ross scented candles to last a lifetime, and the vaccine is expected to become broadly available by summer 2021. "Revenge spending" outside the home on things like vacays, concerts, dining, and non-stretchy clothes could be coming — aka: the anti-House Hype.

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