Comscore Uncovers Record Online Spending for Home Furnishings and Remodeling

Rhea-AI Summary

Comscore (NASDAQ: SCOR) revealed significant insights on the home goods market amid rising online shopping trends during the holiday season. Key findings include: 74.2 million consumers completed home remodels in the past year, a 20% increase year-over-year. Retail home furnishings visitation peaked at 133 million unique visitors, up 26% from earlier this year. Online spending in this category hit $12.1 billion in Q2 2020, marking a 50% rise compared to Q1. This growth trend suggests that retailers can effectively leverage e-commerce to meet increasing consumer demand.

Positive

• 74.2 million consumers remodeled their homes in the past year, up 20% year-over-year.
• Record online spending of $12.1 billion in the home goods category during Q2 2020, a 50% increase from Q1 2020.
• Home furnishings site visitation peaked at 133 million unique visitors in May 2020, a 26% increase since February.

Negative

• Q3 2020 spending showed a slight decline compared to the peak in Q2, although it remained above pre-COVID levels.

RESTON, Va., Dec. 9, 2020 /PRNewswire/ -- With the holiday shopping season well underway, new research from Comscore (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, found that site visitation and spending in the home goods category reached record levels in Q2 2020, with elevated engagement extending into Q3 of 2020. The rise in online shopping activity suggests retailers can capitalize on consumers' continuing interest in upgrading their homes by retailers maximizing their e-commerce efforts during the final month of 2020, which typically sees the highest spend each year.

Key findings of the research, which used attitudinal and behavioral insights from Comscore Plan Metrix Multi-Platform, and digital information from Comscore Media Metrix Multi-Platform, include:

• In August 2020, 74.2 million consumers had completed a home remodel job in the past year, an increase by nearly 20% compared to the same period last year. Tens of millions of Americans say they are very likely to purchase a new home in the next six months, indicating this trend will continue.
• Site visitation to the retail home furnishings category saw record high visitation numbers in 2020: in May of this year, visitation peaked at 133 million U.S. unique visitors, up 26% from February 2020. When compared to 2018 and 2019 numbers, the retail home furnishings category has maintained a higher level of visitation for all months following the May 2020 peak. 
• The pandemic has accelerated online spend in this category significantly: Comscore e-Commerce and m-Commerce Measurement research indicates that online spending in the furniture, appliances and equipment category totaled $12.1B in Q2 2020, up nearly 50% vs. Q1 2020, making it the highest quarterly spend ever. While seeing a slight decline post-peak, Q3 2020 spending remained significantly above the pre-COVID average.
• Of the 108 million consumers who purchased a home goods product online from March through August 2020, 75% agreed that they conducted research online before making a major purchase.

Comscore will continue to monitor these trends and provide ongoing insights via its Coronavirus Insights Hub. To learn more about how Comscore can help measure digital audiences for all content types, please contact us. 

About Comscore
Comscore (NASDAQ: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry's emerging, third-party source for reliable and comprehensive cross-platform measurement. To learn more, visit www.comscore.com.

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SOURCE Comscore

FAQ

What were the key findings from Comscore's recent research?

The research highlighted a 20% increase in home remodels, record online spending of $12.1 billion in Q2 2020, and a peak of 133 million unique visitors in the home furnishings category.

How did online spending change in the home goods category in 2020?

Online spending in the category increased by nearly 50% in Q2 2020 compared to Q1, reaching record levels.

What trends did Comscore observe in consumer behavior?

Comscore noted that many consumers are actively researching online before making major home goods purchases, with 75% of online buyers conducting research.

When did home furnishings visitation peak according to Comscore?

Visitation to the retail home furnishings category peaked in May 2020 with 133 million unique visitors.

How has the pandemic influenced home goods spending patterns?

The pandemic accelerated online spending significantly in the home goods category, contributing to record levels of consumer engagement.