Home Improvement Retailers — Home Depot and Lowes — Reported Strong 2020 Sales Despite COVID-19
When COVID-19 forced millions of people to stay at home, many of them got busy fixing up their homes, which is why retailers, such as Lowes and Home Depot, thrived during the pandemic.
Third-quarter sales for Lowes increased 30.1 percent to $22.3 billion, while Home Depot reported a 24 percent spike from 2019 as people spruced up their homes while stuck at home.
“The reason the U.S. economy has shown resiliency is that COVID-19 didn’t hurt all the consumer goods sections. For many consumers, they just switched from in-store purchases to online buying,” said Mitch Gould, founder and CEO of Boca-Raton based Consumer Products International. “Many consumer industries, such as home improvement, thrived during the health crisis.”
Gould said the U.S. economy in 2021 should continue to rebound as Americans receive stimulus and expanded unemployment checks, and businesses receive aid from the government.
“We have a $900 billion stimulus package that will fuel the immediate economy while the country expands its vaccination rollout to reach millions of people,” Gould said. “As more people receive the vaccine, I think you will see a return to normalcy.”
Annual expenditures for renovation and repair should increase by $5 billion in 2021 from $332 billion in 2020.
“Kitchen & Bath Design News reported that the remodeling market rebounded from the early days of the pandemic,” Gould said. “Homeowners forced to stay home fueled the remodeling industry with DIY and small projects,” Gould said.
Gould and Consumer Products International specialize in helping consumer goods companies launch and market new and existing products in the United States. CPI works with many brand manufacturers, such as consumer packaged goods, home improvement, lawn & garden, hardware & tools, housewares, and sporting goods.
Gould is a long-time retail professional whose career has spanned most consumer goods categories, including lawn and garden, hardware, sports nutrition, dietary supplements, skincare, nutraceutical, cosmeceuticals, and beverages.
Gould developed the “Evolution of Distribution” platform, a one-stop, turnkey operation that brings all the services a brand needs, such as sales, marketing, and logistics, to launch a product.
Gould’s executive team includes former Amazon and Walmart buyer Jeff Fernandez, who is CPI’s president. During his 30-year career, Fernandez has worked in most of the major consumer product categories.
“We make it as easy it can be for brand manufacturers to enter the U.S. market or expand their presence here,” Gould said.
For more information, visit Consumer Products International online.
MORE ON CPI AND ITS FOUNDER
CPI is a privately-held company specializing in the distribution of consumers, such as lawn and garden, home improvement, housewares, sporting goods, consumer electronics, grocery, office supplies, and pet supplies. CPI is the sister company of NPI, which offers a unique, proven approach for health and wellness product manufacturers worldwide seeking to launch or expand their products’ distribution in the U.S. retail market.
Mitch Gould, the founder of CPI and NPI, is a third-generation retail distribution and manufacturing professional. Gould developed the “Evolution of Distribution” platform, which provides domestic and international product manufacturers with the sales, marketing, and product distribution expertise required to succeed in the world’s largest market — the United States. Gould, known as a global marketing guru, also has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.