June 13, 2023
Gardening, like baseball, is a beloved American summer pastime.
25% of Americans garden, with a few more gardeners in the Southeast. In 2020, the amount that Americans spent on gardening increased by 8% from the same time in 2015, increasing from $47.8 billion to $53.3 billion annually. There are 90 million gardening households in the United States spending on average $503 each year on their garden spaces.
Vegetable plants are the most common plants purchased for home vegetable gardens with the tomato winning for most popular followed by cucumbers and sweet peppers. The average vegetable garden yields enough produce to offset the average grocery bill by several hundred dollars. According to a recent poll, the top three projects that home gardeners said they were likely to complete in 2023 were: creating a vegetable garden (37.5%), planting more flowering shrubs (27.2%), growing new kinds of vegetables and fruits (24.4%).
There were a whopping 18.3 million new gardeners in 2021 according to data from the National Gardening Association, and 65% of these new gardeners are Millennials. This growing demographic, encouraged by the pandemic, have boosted the profits of many companies. This large media-savvy demographic is ready to spend money on plants, and companies have taken advantage of this new market with online marketing, podcasts, and new retail shopping growing in response to this. In an influencer-leading economy, collaborations between companies have been a natural next step. Influencer Martha Stewart partnered with Miracle Gro (Tii:SMG) and Roku (Tii:ROKU) at the onset of her gardening show in 2021.
Flowers and vegetables aren’t the only draw for a home gardener. Turf care holds major appeal for many homeowners, with a lush green lawn garnering a certain status in suburban home associations. A recent survey showed that 3.4 hours per week is what the typical American household spends on lawn care. For homeowners who do their own yard work they report spending about $55 per month taking care of their outdoor space. A good portion of this amount is being spent on fertilizer amendments and tools.
Individual investors interested in the DIY homestead culture, have been courted by companies like Home Depot (Tii:HD) and Deere & Company (Tii:DE) with marketing and product development in these areas. Residential tractors and smaller task oriented vehicles that can make property and garden maintenance easier have been growing along with the gardening culture.
There is a sense of satisfaction that people feel from growing food for their families. 19% of Americans surveyed said that gardening is something that they can do to spend time with their families, and teach them more about where their food comes from. Growing your own food, and teaching your children how to as well, can provide a sense of security that is attractive to many.
Many people spend time in their gardens to benefit their mental health and well-being. Spending time in nature is good for us. There have been several studies that support this idea. Both mental and physical health can be improved from the activity, with cardiovascular health and reduced blood pressure being two of the more significant findings.
People find that that they have fewer negative feelings of stress, fear, anger, or sadness when their hands are in the dirt. In addition to the benefit that gardening can bring to our own wellbeing, a survey commissioned by the National Wildlife Federation found that people are also gardening to support the environment. Wanting to make a difference, people are looking to buy organic products, incorporate native plants into their yards, or buying plants that support wildlife, as a food source or something that creates habitat. In fact, the number of people who added wildflowers, or native plants to their landscapes, doubled from 9% in 2019 to 19% in 2021.
Retail shareholders can find a good selection of companies that can help provide the materials and inspiration they need to help them make progress on the projects that they are seeking to complete.
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