It’s interesting to watch all of the commentary about how an election year impacts retail sales across the U.S. It seems there are many differing views of how consumers will react in an election year. Is the election itself a distraction? Does consumer confidence decrease? Studies can be cited in both directions – we’ve seen articles noting that if an incumbent president is running for re-election, consumers are more confident, because they anticipate less change. In a new presidential election, consumers tend to be a bit more cautious. People do go about their daily lives, knowing they have to put food on the table, buy gas for their cars and ultimately live their lives, but there may be a shift in buying habits to accommodate the new regime. Big-ticket items may or may not be put on hold. After the election, some studies have shown that if the consumer’s favored party wins, their confidence increases and if the favored party loses, confidence plummets.
Regardless of all of these outlying factors, consumers are in the drivers’ seat. If, in fact, home building or remodeling is put on hold by many consumers, then this is a good time to remodel for others. You can get better pricing, more availability from builders and quick shipment of materials. Now is a great time to remodel or plan your remodel for after the election year. You won’t be ready to watch the inauguration in your new home addition, but at least you can watch it with the confidence of knowing that you will have a great new kitchen, bathroom addition or in-law suite by the end of the first year in office!