COVID-19. Good for Industry?

Foreword.

When COVID-19 hit, the world was in a panic. The radicals asked if our species would survive. The economists asked if our economy could survive. The government poured money into economy-boosting schemes and containment procedures. Is it possible this has had a positive effect on the construction and furnishing industry? Let’s dive deeper…

Boosted Spending.

Unfortunately COVID-19 has cost some individuals their primary sources of income. Many workers deemed ‘Non-essential’ were stood down and many more failed to┬áreach regular sales targets. Ironically, some people have ended up spending more money, at least in our industry.

Many of the people spending are older people who would normally be holidaying. With COVID restrictions in place they are stuck at home with holiday funds unspent. Consequently, many of these people are reallocating their holiday funds to spend on renovations and refurbishments. This has contributed to a massive boost of sales in the industry.

I myself am a low income earner. However, I too have been spending less on leisure activities and therefore have been able to allocate these funds to some home improvements. My work has been stable with over 6 months of upcoming work booked in and I’ve been able to do the most to my home than I have in years. But this brings us to the next point…

Waiting lists & Backlogs

My years in the industry have taught me that consumers don’t like to wait. This may be a double edged blade as many businesses are inundated with work but having to knock back potential sales as a consequence.

For competitors who typically acquire less sales, this may be beneficial as customers may seek them as the alternative to waiting. But for businesses with long waiting lists, they are possibly losing repeat sales and recommendations. But how long will this last? Is it the new norm?

Is this sustainable?

So it would seem COVID-19 has driven alot of money into Construction and Home improvements. But my biggest concern of late is whether or not it is sustainable.Will this be the new norm or will it come to a halt in the near future leaving us with a quiet period of minimal spending? I for one, am uncertain. I can only hope that the money keeps coming in and home owners are able to enjoy refurbished and newly constructed homes.

In Closing...

I don’t have a ‘conclusion’ for this article. Only time will tell. But I hope the information I have shared will help others and perhaps others may contribute their ideas and predictions. If you would like to suggest an edit or share your thoughts on this subject, please contact me.