Welcome to week 10, where the home and building category, like most of the world, still faces significant challenges — global COVID-19 cases crested 5 million, and the U.S. saw 2.4 million more unemployment claims. But despite the flood of bad news related to the COVID-19 pandemic, there’s also real reason to be optimistic about the future.

Consider:

• Many states are relaxing work-related restrictions, giving businesses a chance to get on their feet.
• Citizens are generally embracing social distancing best practices in public spaces.
• Hospitalizations due to the coronavirus continue to decline.
• Economically, consumer confidence is holding steady.
• Tech leaders continue to optimize e-commerce solutions, such as Facebook and Instagram’s Shops platform, even as they launch potentially lifesaving partnerships to help us all move forward.

For the home and building category:

• It’s been a wild ride for builders, from a spike in new building permits in March, to many cutting home prices in April, to now, in May, loans getting more difficult to come by for the first time since 2012.
• But for contractors, the worst may be over. And the larger the firm, the better they’ve been able to deal with COVID-19.
• Consumers, especially millennials and higher earners, continue to increase online shopping in core household categories.
• DIY activity continues to grow, as disposable income shifts from entertainment, travel and retail to home improvement.
• Lowe’s and Home Depot are still riding the wave, as shoppers flood the retail giants both online and in store to stock up on essentials and buy materials for home improvement projects.

To support your business’s continued recovery and long-term success, Wray Ward will continue publishing weekly updates with the most current data and insights to help guide you through this unprecedented situation. However the pandemic has affected your business, we’re here to help.

If you have questions or want to discuss specific next steps for your brand, please feel free to contact Wray Ward Vice President and Director of Connections John Mader.