As the epidemic of new crown disease has spread over the past two years, more and more Americans are choosing to stay at home, and their demand for home decoration and household products has risen sharply. But inflation is now serious, soaring prices, many people want to home decoration products prices have been greatly pushed. The latest consumer price index (CPI) released by the United States Department of Labor showed that prices of all household goods rose 1.6% month-on-month in January and 9.3% year-on-year. The new figures show that inflation is much higher than expected, and furniture prices are rising faster than other commodities. FLOOR MATERIALS: up 0.8% , up 7.2% , curtain fabric: up 1.8% , up 16.2% , furnituremattress: up 2.4% , up 17% , bedroom furniture: up 1.8% , year on year increases of 13.7% ; watches, lamps and decorative items: up 2.7% , up 6.3% ; living room/kitchen/dining room furniture: up 2.2% , up 19.9% ; home appliances: up 1.5% , up 8.5% .
According to a recent report by home improvement website Angi, home improvement spending at 2021 is up 28% from 2020. The average homeowner will undertake 3.7 renovation projects at a cost of $10,636. This is the highest level since the ANGI survey began seven years ago. “With the epidemic, people are spending more time at home, attention to household items is increasing and house prices are climbing to their highest levels (up nearly 20 per cent year-on-year) ,”said Mischa Fisher, Angi chief economist. In some cases, the prices of some materials are 400 per cent or more higher than before the outbreak, and it should not be surprising that consumer spending on home improvement has increased significantly, shares in Home Improvement Retailers Lowe’s, Home Depot, Masco and Sherwin Williams all jumped. But so far, home prices have fallen from this year’s highs as inflation and rising mortgage rates have weighed on home rebuilding. People tend to decorate their houses before they upgrade their furniture.
A recent report by the Harvard’s Joint Center for Housing Studies predicted a big increase in home renovation early this year, with a peak slowing to a more sustainable rate of growth. “With Labor and building materials costs rising, contractors struggling to stay, and interest rates rising, homeowners may be reluctant to undertake new or larger home improvements,”said Abbe Will, deputy project manager for the HJCH Conversion Futures Program. Will