We recently released our 2021 Q3 and Q4 data, revealing some insightful trends on home improvement and financing, plus what we can expect in 2022. Keep reading to find out what the numbers show and how you can use them to your advantage as we kick off the new year.
In Q3/Q4 last year, we saw:
For the last several months, the media has been reporting on the supply chain delays that are impacting Canadian residents and businesses. Some of the most significant effects have been felt in the retail and home improvement sectors, as global shipping delays have struggled to catch up to a huge surge in demand.
So, what does this mean for you and your business?
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The Q3/Q4 numbers also shed some light on the continued interest in home improvement investments:
This shows that while application volume is still a bit unpredictable, applications are generally trending upward, which indicates a steady investment in essential home renovations and projects, such as HVAC systems, roofing, and windows and doors.
So, Canadians are still motivated to complete necessary upgrades to their homes, even during a pandemic, which means that there is a lot of business to be had in the home improvement industry. But prices of goods are increasing. So, if there was ever a time to have the benefits of financing in your back pocket, it’s now.
Looking at this data from last year, here are a few tips to keep in mind to set your business up for success this year:
Regardless of where you’re located or the hurdles you tackled last year, 2022 offers a new opportunity to engage with customers by providing the payment options they need to take on a variety of home renovation projects. EcoHome Financial is here to help by continuously working on innovative products you can use to grow your business.
Connect with your Dealer Relationship Manager today to learn more about how we can help you achieve even greater success in 2022.
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