Home is where the heart is and now, it's where your money goes too, according to a new review of government data.
Americans are spending less on clothing and more on sprucing up their homes and entertainment, the New York Post recently reported.
Instead of packing their closets full of clothing, footwear and other apparel, Americans' dollars are going toward making their homes their sanctuary, with stores like Home Depot and Lowe's continuing to grow.
"When times have been tight economically, people cocoon."
"People in general are focused more on their homes as an investment as well as for enjoyment," Craig Johnson, president of Customer Growth Partners said. "When times have been tight economically, people cocoon."
Home improvement stores have taken notice of the nation's change in spending.
In each of the last three years, same-store sales at Home Depot have increased by more than 5%.
Home Depot has dubbed itself as the destination for "all your home improvement needs: appliances, bathroom decorating ideas, kitchen remodeling, patio furniture, power tools, BBQ grills, carpeting" and more, giving Americans plenty to spend their money on.
Home applicances make a significant contribution to that number — they now represent 7.8% of total revenue.
Since 1959, apparel and footwear spending has declined from 26% to 11%, Wells Fargo analyst Ike Boruchow says but while "consumer spending is not changing … what we are spending money on is changing."
Home-related spending first began to significantly increase in 2013, going from 2.4% to 18.1% in 2017, according to Wells Fargo.
What was the last home-related purchase you made?