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The House Hype: when home became the only destination

Monday, December 28, 2020 by Robinhood 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.
THE TAKEAWAY

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.