Shoppers Are Abandoning Lowe's, New Data Reveals—Here's Why

Typically, homeowners choose to renovate and reorganize their interiors in the spring and summer, or take on outside chores in the sunshine.

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But some of the most well-known home improvement retailers in the United States didn't exactly observe that this year.

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Lowe's reported $27.5 billion in total sales for the second quarter of the 2022 fiscal year, a 1.6 percent year over year decline.

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Lowe's CEO Marvin Ellison acknowledged the sales dip on an earnings call with investors on August 22

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In favor of the "experience economy," consumers are now spending more money.

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Consumers are shifting their spending from large-ticket purchases to "small repair and maintenance projects,"

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Shoppers Are Abandoning Lowe's, New Data Reveals—Here's Why

Typically, homeowners choose to renovate and reorganize their interiors in the spring and summer, or take on outside chores in the sunshine.

INtroduction

But some of the most well-known home improvement retailers in the United States didn't exactly observe that this year.

INtroduction

Lowe's reported $27.5 billion in total sales for the second quarter of the 2022 fiscal year, a 1.6 percent year over year decline.

Lowe's sales declined in its last quarter.

Lowe's CEO Marvin Ellison acknowledged the sales dip on an earnings call with investors on August 22

The CEO says consumers are pulling back in certain areas

In favor of the "experience economy," consumers are now spending more money.

Shoppers are shifting their spending habits elsewhere

Consumers are shifting their spending from large-ticket purchases to "small repair and maintenance projects,"

There was growth in certain areas for Lowe's last quarter

Explore More Web Stories