DIY Trend in Home Improvement & Automation to Soar: 5 Picks
Zacks Investment Research | Jul 23, 2020 08:40AM ET
The global urban population is expected to swell by around 2.5 billion by 2050. Urban dwellers have shown a significant inclination to Do-It-Yourself (DIY) projects, in both home improvement and home automation. As the coronavirus pandemic have restricted people mostly indoors, they can now invest more time in DIY projects that drives the market.h3 Stay-at-Home Propels Home Restructuring/h3
The pandemic has forced people to work from home and many companies have suggested employees to continue working remotely even after the coronavirus outbreak. Hence, many are now converting their unfinished basements into a workspace or working on DIY home-office projects. This includes expanding space to fit in another computer monitor and making a bookshelf that can fit perfectly into the space available.
Additionally, in the past years, the United States has been witnessed rising adoption of luxury real estate and with the rise in population of working women, families now have higher disposable income. In fact, women’s involvement in home decoration plays a massive role and will drive growth of the home décor and indoor garden market. Per a Research Dive report, the segment will register revenues of $23.3 million by the end of 2026, at a CAGR of 4.4%.
What drives the current home restructuring and improvement spree is DIY projects’ cost-effectiveness, convenience and the way it gets the entire family involved. Along with that, people are investing in automation technology to convert their homes into smart homes. The adaptation of IoT and the change in taste and preferences of consumers have been driving the home automation market so far. With people stuck indoors, there is a growing demand for safety, convenience, connectivity and security that boosts the DIY smart home market.
Per a Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.