15 March 2022
By now we're all aware that Do-It-Yourself market experienced a major uptick during the pandemic. Because people were at home, they explored new hobbies or had the time to spruce up their homes. Some homeowners opted for major improvements like installing home gyms, decks or swimming pools while others focused on the practical: designated spaces to be used as home offices.
Repainting is among the most popular home décor-related DIY activities
While not everyone wanted to or could afford to invest in a major project, many chose smaller projects like repainting. A fresh coat of paint can make a huge difference, whether that's giving faded or damaged surfaces a clean, new look, changing the mood of an entire room by creating a bold accent wall or just touching up the trim.
However, a major issue for the color industry that targets the home décor market is: how much economic impact does home improvement really have and, more importantly, will it continue? Also, have supply chain challenges helped or hindered manufacturers of paint and related products and how has it affected prices? And, in the end, can a simple DIY project - like repainting - actually pay off when it comes to home resale value?
The economic impact of home improvement in the U.S. market
A survey that was conducted in the United States between March of 2020 and June of 2021 revealed that at least 60% of the respondents had started a DIY project in the previous month. So, what kind of impact did that have on the economy? U.S. Home improvement sales were around $538bn in 2021 and this number is expected to rise to more than $620bn over the next 4 years.
Fresh paint consistently improves home value and salability
Despite all of the economic uncertainty, it's good to know that most experts agree a fresh coat of paint will almost always add value to homes and make them easier to sell or rent. According to a popular interior design website like Home & Gardens a coat of paint regularly makes it into the top 5 when it comes to DIY home improvement projects that offer a consistent return on investment. Many top real estate agents say a fresh coat of paint in a neutral color can make a big difference. In a recent article in Architectural Digest Beatrice de Jong, broker and consumer trends expert at Opendoor remarked, "Light neutral colors have the widest appeal, and add significant value to a home". She also reminded sellers of the importance of first impressions, "don't forget about your front door", she says, adding "make sure it has a fresh coat of paint and maybe even a seasonal wreath".
So, even though paint and other DIY supplies may cost a little more this year, investing in repainting home not only improves their value and appeal for potential buyers, it also helps people feel good to make the places where they spend so much of their time look their best.