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Approximately 44 percent of Americans have or are giving their home a fresh coat of paint within the next few months as the U.S. prepares for a prolonged coronavirus shutdown, according to J.D. Power's 2020 Paint Satisfaction Study.
More than one-third, or about 35 percent of people, are in the process or are planning to do a home improvement project over the next three months, survey results revealed, noting that painting has become the top project planned during this downtime.
The American-based data analytics and consumer intelligence company based its results on 5,631 people who purchased and applied interior paint, exterior paint or exterior stain over the past 12 months.
"Having a pulse survey complementing the Paint Satisfaction Study brings additional insights which have enabled us to bring greater context to the voice of the customer and assist manufacturers and retailers during this difficult time,” said Christina Cooley, J.D. Power's director of @Home Intelligence. “Home improvement do-it-yourselfers are increasingly looking to websites to help them find the best paint products to deliver on their vision, then looking to retailers for guidance to ensure success.”
As a result, the painting industry is expected to fare better than other sectors facing a catastrophic loss of revenue as customers continue to stay at home and practice social distancing, according to Moody’s.
Paint and stain purchases could potentially exceed typical trends during the coming months, J.D. Power says.
The brands and retailers benefiting the most from this unprecedented situation include Sherwin-Williams, which ranked highest in the interior and exterior paint segment, followed by Benjamin Moore, Behr, Rust-Oleum and Menards, according to the study's rankings.