NPD Stat of the Week: Storage scores

A hidden indicator of large projects: storage spending.
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STAT: Storage purchases have growing implications on home improvement. Of those that purchased storage products this year, 28% of their total home improvement wallet went to lumber and tools.

Source: The NPD Group / Checkout

ANALYSIS: ”In 2020, home projects ranged from simple to the more involved,” said Joe Derochowski, home industry advisor at NPD Group. “But as we moved into 2021, with more competition for our time, consumers focused more on bigger, and even more involved projects that they could either do themselves, or hire a professional for. Storage and lumber have shown a strong affinity for being in the same basket as consumers focused on both remodeling and building more formal storage solutions.”

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The NPD Group is a global information company offering data, industry expertise, and prescriptive analytics. NPD’s Checkout provides receipt-based information on in-store and e-commerce purchases from over 150,000 actively engaged buyers, the largest omnichannel panel focused on general merchandise and foodservice.