Consumers are taking a break from big home renovations projects
Lowe’s and Home Depot say shoppers are pulling back after a fix-up frenzy during the pandemic, opting for cheaper DIY projects.
Households are hitting pause on their tub-to-shower conversion plans and buying new shower curtains instead.
After a pandemic-era renovation craze, the nation’s two largest home improvement retailers say customers are spending less on big projects in favor of cheaper do-it-yourself fixes.
Lowe’s said this week that it’s seeing shoppers cut back on kitchen and bathroom purchases and becoming more cautious about buying big-ticket appliances.
“Those who did engage in home improvement activities took on smaller, nondiscretionary projects with a heightened focus on value,” Lowe’s CEO Marvin Ellison told investors when the company reported its fourth-quarter earnings Tuesday. Sales dropped 6.2% compared to a year ago, which the retailer blamed on “persistent inflation and a stagnant housing market.”
A week earlier, Home Depot, the largest U.S. home improvement chain, reported its own sales dip, declining 3.5% in the fourth quarter from the year before.
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