Consumers seem to have fallen in love with home products again -or have at least developed a new appreciation after being stuck in their houses for so long. That view was expressed by retailers across multiple channels at the end of the second quarter, even though financial results were distinctly uneven. "This goes well beyond the stimulus checks; 90% of them were done in May," said Big Lots president and CEO Bruce Thorn. "Home purchases have become less [discretionary]." Executives at Wayfair, which posted its first profitable quarter ever, saw things similarly. "You can say that's a COVID-related tailwind, but then we picked up a year's worth of new customers in just one quarter, and we're seeing great repeat behavior from them and ongoing engagement," said Niraj Shah, Wayfair co-chairman and CEO.
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