Painting projects surge as coronavirus shutdown keeps residents inside
Americans stuck at home because of the coronavirus are turning to home improvement. Jeff Flock from FOX Business with more.
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Homeowners are rapidly turning to DIY projects as they continue to adhere to on-site instructions to help contain the spread of the coronavirus pandemic.
About 44 percent of Americans have or are repainting their home in the next few months as the US prepares for a lengthy coronavirus shutdown, according to JD Power’s 2020 Paint Satisfaction Study.
More than a third, or around 35 percent, of the people are in or planning to do a home improvement project in the next three months. The survey results showed that painting has become a top project during this downtime.
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The American-based data analytics and consumer intelligence company based its findings on 5,631 people who purchased and applied interior, exterior, or exterior paint in the past 12 months.
“A pulse poll that complements the paint satisfaction study brings additional insights that have enabled us to put the customer’s voice in a larger context and help manufacturers and retailers during this difficult time,” said Christina Cooley, JD Power Director of @Home Intelligence. “Do-it-yourselfers are increasingly looking to websites to find the best paint products that match their vision and then looking to retailers for guides to ensure success.”
As a result, the painting industry is expected to outperform other sectors facing a catastrophic loss of sales as customers continue to stay home and practice social distancing, according to Moody’s.
According to JD Power, paint and stain purchases in the coming months could potentially outperform typical trends.
Among the brands and retailers that have benefited most from this unprecedented situation is Sherwin-Williams, who ranks highest in the interior and exterior paint segment, followed by Benjamin Moore, Behr, Rust-Oleum and Menards.
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