Were you one of the many people who used their time during the pandemic to improve their homes? If you did, you’re not alone. There was a definite home improvement boom during the pandemic. Now, lumber prices are falling rapidly as people are no longer focusing on their homes.
During the peak of the pandemic, Americans drove up the price of timber by buying wood in large amounts to use in their many DIY home improvement projects. However, with the success of the vaccine roll-out, people are starting to go out again. This means that their time is no longer spent mainly at home, wondering how they can improve their property.
Of course, it’s not like home improvement will ever be a failing industry. People will always want to renovate and improve their homes, but the surge in sales of home improvement products, like wood, may be over for a while. People just aren’t as interested in DIY now that they can finally go out in public again.
People will likely resume home improvements and DIY projects after a while, but for now, timber prices are falling due to fewer people purchasing wood. People are done installing their hardwood floors and are now purchasing the best hardwood floor cleaners. They happily built the wooden base for their top-rated organic mattress, and now they want to go out to museums and restaurants. The timber market will likely rebound when people return to home improvement as a hobby after the initial joy of being able to go out again wears off.