Can you see what we see?
Consumers trends like moving, buying a home, and DIY home improvement are waning on a YoY basis.
Instead, as “life” resumes, consumers are increasingly opting to hire contractors to handle home improvement projects.
Mentions of hiring a contractor are +22% higher YoY.
Leadership at Home Depot and Lowe’s have indicated they are recording pent-up demand for professional projects
because consumers now feel comfortable inviting contractors into their homes…and they’d rather spend time on other things, like dining out, and travel.
This shift from DIY to professional contractors gives Home Depot a serious advantage.
Around ~45% of Home Depot’s total sales are driven by professional projects vs. 20-25% at Lowe’s.
You can see this playing out in near-term consumer demand and happiness for both companies.