Its online sales increased by 12%, which is on top of 25% growth in 2021. Lowe's reported an increase of 19% in its professional segment. That said, this doesn’t take into consideration that many jobs have gone remote permanently, giving rise to the need to adjust the home for a new way of life. If home values decline, homeowners may pull back on updates. However, this is tempered by the fact that homeowners frequently improve their homes to increase resale value. This could be interpreted as homeowners choosing to stay in their current homes and renovate instead of trading up. Tryq About Q.ai's Inflation Kit | Q.ai - a Forbes companyįederal Reserve data shows that the total balance of the home equity line of credit (HELOC) grew by $3 billion. This bring the homeowner back to Lowe's or Home Depot for supplies. These factors make it easier for them to budget for renovations and small home improvements.Īnother reason Lowe’s is succeeding is that more people are working from home and want to improve their home offices or rearrange the layout of their home to include an office. Many people own their homes outright or have a fixed-rate mortgage that makes the monthly payment predictable. These contractors go to Lowe's to buy their supplies in bulk and get a lower price. In addition, homeowners who are less handy with power tools turn to contractors to get work done. In turn, they go to home improvement stores to update their homes. The slowing housing market positively impacts stores like Lowe's and Home Depot by keeping people in their homes for longer and encouraging them to renovate their current living space.
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