Hey Snackers,
To put it lightly: 2020 has been a brutal year for the world. Tens of millions of people lost their jobs, and 1.8M lost their lives to coronavirus.
Throughout the turbulence, our goal has been to demystify the markets by delivering you digestible financial news. This week, we’re taking a pause from the daily news cycle to look back — and forward.
In our first ever “Snacks Digested” series, we’re spotlighting four of the biggest trends that shaped business this year.
PS: Make sure you're subscribed to our daily newsletter to receive all the trends, and tune into our special edition Snacks Digested pod.
The House Hype: when home became the only destination
Commuting to the fridge... The excitement is palpable. In March, we realized home is where the heart is — and also where the entire year is. Cue: "The House Hype." The best time to DIY-home improve is when you're home 24/7, so we invested in sprucing up our biodomes. We thought the hype might be slowing in May, but it barreled through the rest of the year. The House Hype wasn't just a hideaway — it was a necessary distraction.
Home Improvement and Decor: From $5 candles to $5K cloud couches...
- Lowe's saw shockingly strong growth as you repainted your kitchen (three times) — sales were up more than 30% for the past two quarters.
- Home Depot said "same" and had its best quarter in 20 years, raking in $38B in sales from May to August as you finally changed the unhinged toilet seat.
- Restoration Hardware's fancy profits soared on $1K faucet handles.
Home Appliances: From Chromebooks to bidets...
- Best Buy's online sales more than tripled from May to August as you picked up your Nintendo Switch curbside.
- iRobot sweeped up strong Roomba sales as compulsive cleaning became a national pastime.
Home Delights: From gardening to sourdough starters...
Revenge spending could be next... Our houses are decked out, we have enough Ross scented candles to last a lifetime, and the vaccine is expected to become broadly available by summer 2021. "Revenge spending" outside the home on things like vacays, concerts, dining, and non-stretchy clothes could be coming — aka: the anti-House Hype.
What else we’re Snackin’
- Stimulus: President Trump finally signed the $900B Covid-19 relief package, extending unemployment benefits for 12M workers.
- Check: Everything you need to know about the second round of coronavirus stimulus checks.
- Learn: Three things to do before you start investing, from goal-setting to debt-crushing.
- Visualize: The biggest tech mergers and acquisitions of 2020.
- Read: The rise of Japan's "super solo" culture — from toilet lunches, to solo bars, and single-person karaoke.
🍪 Want to start Snacking daily? Sign up here for our daily market newsletter.