Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In

Q1 2021 Index - Home Improvement

Ethan Chernofsky
April 13, 2021
Q1 2021 Index - Home Improvement

The home improvement and home goods sectors have been among the strongest in retail throughout the pandemic. When COVID initially hit, home improvement leaders like Home Depot and Lowe’s benefitted from essential retail status allowing consumers to embark on DIY projects with their newfound time at home. 

Then, the continued presence of at-home orders gave people even more time to realize what was lacking around the house. Then high levels of migration further contributed with more individuals looking to fully furnish or upgrade new homes. 

The end result was a sector that saw continuous strength throughout the pandemic. But, as more normal patterns of shopping behavior began to return in Q1, could the strength sustain, or will the sector’s strength finally show signs of waning?

We dug into our Q1 Quarterly Indexes to find out.

Ready for the Return of Normalcy?

Visits in Q1 2021 for the sector were up 22% year over year when compared to the same period in 2020. This was actually the largest visit increase over the last four quarters, something that can be attributed to both Q1 not being a normal peak period for the sector, and the comparison to 2020’s dip in March. 

Yet, while year-over-year visits were still growing, there was a continued decline in overall quarter-over-quarter visits. This shows that the sector’s normal seasonality may have remained intact, even while year-over-year growth surged, leading to huge implications for the sector. If normal seasonality continues into the coming months, we could see another quarter of significant year-over-year growth for the space. However, if the last few months fulfilled much of the demand, then the sector’s return could include a year-over-year drop in visits. At this stage though, it feels like madness to bet against the sector, especially when diving deeper into specific brands. 

The Leaders Continue to Perform

Some of the strongest players throughout the pandemic have included Home Depot, Lowe’s and Floor & Decor, and each of these brands saw continued year-over-year growth in Q1. Floor & Decor led the way with a 64% jump, while Home Depot and Lowe’s notched increases of 21% and 22% respectively. 

Yet, for the latter two, there was a quarter-over-quarter decline in visits. Much of this centers around seasonality, but there are significant implications for Home Depot, specifically. In the early months of the pandemic, Lowe’s saw significant visit increases while Home Depot saw much more limited growth. This led to a shift in overall visit share between the two brands, where Lowe’s actually surpassed the typically wider-reaching Home Depot

But, much of the reason for this shift was based on differences in operating procedures between and in regional store distributions. The result is a situation where Home Depot could see an even more demonstrable surge in Q2 than Lowe’s, something that could drive significant impact, especially considering the brand’s continued overall visit lead. 

Rising Players Present Even More Hope

But even if the pandemic’s top-tier performers don’t continue their impressive runs, there’s still reason to believe the sector will outperform as a whole. Brands like Tractor Supply, At Home and HomeGoods, have also surged in the last few quarters, and their relative upside could be enormous. 

For example, HomeGoods saw year-over-year visit growth of 47%, and just a 9% decline on the holiday-driven Q4, indicating that the brand’s strength may actually be increasing. The combination of a home furnishings focus alongside a value orientation is perfectly suited to the current environment. 

Will the coming seasonal peak drive even more success for the home improvement and home goods sector? Can brands like HomeGoods thrive deeper into 2021?

Visit our Quarterly Indexes at to find out.

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Free
Oops! Something went wrong while submitting the form.
How Will Primark’s US Expansion Impact Target?
All Eyes on Eyewear
Northwestern U.S. Grocery Dive
Return of the Lunch: Salad Chains Are Thriving
Retail Media Networks – Off the Beaten Track
Bet Your Bottom Dollar: Discount and Dollar Stores Drive Foot Traffic
Ulta & Lululemon: Discretionary Spending On The Up
The Score After Q1: Sporting Goods Chains
Who Uses NYC Airports: Biting Into The Big Apple’s Main Transport Hubs
Off Price: Strength in The Face of Retail Challenges
Visits Improve for Home Improvement
Walmart, Target & Wholesalers in Q1 2023 – The Return of Mission-Driven Shopping?
Department Store Roundup: Q1 2023 Office Index: April 2023 Recap Mall Index, April 2023 – A Rebound on the Horizon?
How Will Bed Bath & Beyond’s Bankruptcy Impact the Retail Space?
Buffet Restaurants: Filling Up on Foot Traffic
Thrift Stores: Vintage Visits Drive New Age in Apparel
The Windy City: A Hub of Post-Pandemic Opportunity
Diving into Dining Traffic - Q1 2023
Bring On The Joe
A Dollar (or more) For Your Thoughts: Five Below and pOpshelf
Dining Out With The Cheesecake Factory
Retail Foot Traffic Recap – March 2023
Digging Into 2023: McDonald’s and Chipotle Update Office Index: March 2023 Recap
How Did Key Retail Categories Perform in Q1 2023?
Northeastern USA Grocery Dive
Movie Theaters Storylines for 2023
Ollie's Bargain Outlet: Discounters are Evolving
Leveraging Brick-and-Mortar Retail in 2023
America’s Evolving Work Patterns: A Deep-Dive into New York and Chicago Mall Index March 2023
Tuning Into Record Stores
Five Franchises To Watch in 2023
What’s Next For Domestic Tourism?
It’s Showtime! Movie Theaters in the Spotlight
5 Limited Time Offers (LTOs) Driving Restaurant Traffic
Department Store Deep-Dive: Belk
Regional Grocery Chains Staying Ahead of the Competition
Five Chains that Rightsized for Success
Unlocking the Potential of Offline Retail Media Networks
Dining Out With Darden
What’s in Store for Self-Storage?
Nike & lululemon Update: Strong Performance Amid Expansion Plans
Many Ways to Win: Midwest Grocery Deep Dive
Retail, Reinvented: The Rise of the Pop-Up Shop
Navigating a New Normal in Business Travel & Commutes Office Index: February 2023 Recap
Retail Categories Staying Strong in Volatile Environment
Ulta Beauty: Poised for Success into 2023 Mall Index February 2023: Reasons for Continued Optimism
Catching Up With DICK’s & Hibbett
The Miami-Dade Arena: An Advertising Slam Dunk
Car Washes Revving Up Visits
Tuesday Morning and Sunrises in Home Furnishing
Dining & Valentine’s Day Recap
2023: The Year of the Discount Store
Aldi’s Success Highlights Growing Demand for Value Groceries
5 Retail & Service Categories Holding onto Pandemic Gains in 2023
Visitor Insights from Super Bowl 2023
2023 First Look: Home Improvement Update
How Are Target, Walmart, and Wholesale Clubs Faring in 2023?
Department Store Deep-Dive: Nordstrom
Off-Price: Taking Off in Uncertain Times
Checking in On Middle-Class Hubs
Who Attends the Super Bowl? Office Index: January 2023 Recap
Focusing On Fitness: Q4 and January Recap Mall Index: January 2023 – Returning Mall Normalcy?
Location Intelligence Insights Into Concert Attendance
Winning Dining Strategies for 2023
In-N-Out Burger: What to Expect as the Brand Moves East
Location Intelligence Breakdown: Coffee Caps-Off 2022
Digitally Native Brands Lean Into Brick & Mortar
Washington, D.C. Population Changes & Migration Trends
A Location Intelligence Perspective on Macy’s Rightsizing
Amazon-Powered Shopping: The Future of Brick-and-Mortar Grocery?
Cold Weather, Hot Visits: Diving into Winter Resorts
Wawa and 7-Eleven: Leaning Into the “Slurpee Effect”
2022 and Beyond: Catching Up With McDonald’s & Chipotle
Let’s Have Some Fun! Going Out Is In’s Q4 2022 Quarterly Index Adds Industry Executives to Leadership Team To Drive Company's Next Phase of Growth
5 Emerging Retail Formats: 2023’s Brick-and-Mortar Evolution
Grocery Update: Zooming in on the Lone Star State
2022 Office Recap: The Year of the TGIF Work Week
What Lies Ahead for Brick-and-Mortar Luxury in 2023 Mall Indexes: December 2022 Recap
Looking Back on 2022’s Holiday Shopping Season
Post-Pandemic Migration Trends in New York
Top Retailers for 2023
The Live Sports Advertising Opportunity
Domestic Migration to the Mountain States: Small Shifts with Big Implications
New Year, New Food: 5 Dining Trends For 2023
This is Why Shop-in-Shops Are Everywhere
Super Saturday 2022 Recap
The San Francisco Shift
Grocery Year-End Update: Publix in the Spotlight