Covid-19 Forces Families to Rethink Discretionary Spending

Covid-19 Forces Families to Rethink Discretionary Spending

Covid-19 has forced us into making many lifestyle changes. Prior to the pandemic most family members spent eight to ten hours out of the house daily. Now, almost half the office workforce is still remote and approximately seventy million student age kids across the country are learning from home too. So, in most households the spare bedroom, basement, attic and kitchen table have been transformed into office and classroom space.

Although 2020 is not over, the pandemic has highlighted that we haven’t been spending enough time with our families and how important it is to establish a strong family bond. Quarantine has forced us to spend more time than ever within the confines of our home. With a new appreciation for spending quality time with family, homeowners have been focusing on checking off items on their home improvement punch list that will enhance the comfort and value of their homes.

Now when homeowners review their home to do list, they look at it with a new prospective. How can I make a long-term home office within my house? Can I enhance common space where our family congregates? How can I foster a good learning environment? Can we use some of our new spare time that was spent on commuting, extracurricular activities and social gatherings to Feng Shui our homes and take on DIY projects.

Tax refunds aligned well with the shutdown, families and individuals started receiving stimulus checks, money allocated to vacations and kid’s activities has been freed up. As a result, consumers reprioritized their discretionary money and started allocating it to home improvements. We have many clients coming into replace wall-to-wall carpet in spare bedrooms that are becoming offices, updating family rooms and kitchens where family’s hangout together and installing waterproof flooring in basements.

This year has been one for the books, but has reminded us that nothing is more important than spending quality time with the ones we love! A family truly makes a house a home!