This past year has been a tumultuous one. Life as we knew it was turned on its head and things will likely never go back to normal again. And the commercial market is no exception to this huge paradigm shift.
Physical shopping is now riddled with new restrictions in terms of what we must wear while in the store and how we move about the aisles. And that’s great. Anything that keeps customers and staff safer during this troubling time is a huge plus in our books.
But it does mean a lot of businesses are struggling to stay afloat, particularly those without an online presence. But it seems some areas of the commercial market are actually on a steady increase. And it might surprise you.
We spoke to a few market experts and consumers to find out if the Power tool industry is set for a massive market boom in 2021.
The power tool industry has always been fairly stable. As a business or casual user makes use of their power tools, they will encounter a certain amount of natural wear and tear. This means most power tool products will need to be repaired or replaced eventually, meaning the market always has demand.
In recent years, due to technology improving and becoming more resilient, the market numbers for this industry have dropped a bit. Nothing major but there is a definite decline.
Then the pandemic happened. A horrible, heartbreaking experience. People were forced to stay inside for months on end. And when it started the market saw a sudden sharp uptake in purchase numbers of power tools.
Our market expert attributes this to the sudden increase of people taking up DIY projects that they have been putting off, or families looking to work together and create something new in their garden. When people suddenly find themselves with time on their hands, it is amazing what products get boosted.
The sites that seemed to flourish were ones aimed at home users and individuals, rather than wholesalers or cooperate supply chains. It is this key bit of data that allows us to understand why this increase is taking place.
Continuing our research, we asked some data analyzers to dig into the online stats in relation to power tool information and guides. They found the number of people looking online for how-to guides for power tools increased almost ten-fold within a month. A startling increase.
One of the more popular guides that were accessed was an impact driver guide. This information is important as it allows us to see what type of DIY work customers are partaking in. With that information to hand, our experts can safely predict what products are going to see a boost in sales in the coming month.
How? Any hardware store or DIY expert worth their salt will know exactly what tools, products, paints, and other materials will be used for any type of project. Even personalized art projects. So with that information to hand, we can carefully graph out the next few months of DIY sales.
Our research has to lead us to one conclusion. If the world continues in this upward trend of DIY and home improvement, the Power tool industry is set to boom in 2021. Most small scale retailers and home improvement stores will see a sharp increase in customers and sales.
But is this all good? We have to examine the other side of the argument as well. As one market booms, another will shrivel. And that is the industry of professional handymen and construction firms.
Normally relying on the fact that most home-owners won’t get their home renovations done themself, these professionals are going to take a serious hit as more people become self-sufficient. And in an economic climate crippled by the pandemic, is this what we want?
Our advice is this. Get your hands stuck in with some fun DIY projects. Build a new shelf. Create something with the family. But if you do have a large renovation project that needs doing. Support the local economy and hire a professional. If we all do our part, we can build a better tomorrow