30% of U.S. consumers who plan to “splurge” on significant home renovations in the next 12 months
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Economic rebound expected as consumer optimism continues to rise

The Story: Consumer optimism continues its rise, creating a commerce recovery that’s fueling an even greater economic rebound. Yet, COVID’s longer-term impact on the ways consumers prioritize their spending has resulted in what McKinsey dubs the “homebody economy,” with a big focus on investing in and improving living spaces.

The Takeaway: While banks and credit unions continue to focus on data-driven improvements to digital, physical and in-person experiences, a customer-centric approach to marketing that emphasizes financial advice and products that elevate the home will connect with people’s needs, deepening customer relationships – and wallet share.

Source: McKinsey, Survey: U.S. Consumer Sentiment, May 13, 2021