Home Improvement Segment Shows Stability

How did home improvement leaders The Home Depot and Lowe’s perform in 2024? And what lies ahead for the chains in 2025? We dove into the data to find out. 

Gearing Up For Stability

A challenging retail environment continued weighing on the home improvement space in 2024 as high prices and tighter consumer budgets led many consumers to push off discretionary renovations and remodels. As a result, visits to The Home Depot and Lowe’s remained below 2023 levels throughout 2024. Still, the visit gaps were relatively minor – The Home Depot received 1.6% to 3.5% fewer quarterly visits and Lowe’s saw a 2.2% to 4.7% visit gap relative to 2023 – a testament to the enduring strength of these home improvement giants.

Promotions Drive Home Improvement Visits 

Diving deeper into the daily visits data also reveals that, despite the challenges, the two retailers succeeded in driving significant visit boosts through promotions and holiday sales: Mother’s Day, Black Friday, and the Saturday of Memorial Day were the top three visited days for The Home Depot and Lowe’s in 2024. Lowe’s received its highest daily traffic boost on Mother’s Day – likely thanks to its free plant giveaway – while The Home Depot saw its largest visit surge over the traditionally busy Black Friday. Finally, Memorial Day sales drove the third largest visit peak for both chains. 

The boost in consumer traffic during special events underscores the potential of seasonal promotions to drive engagement and foot traffic – even in times of wider retail headwinds and economic uncertainty.

Hobbyists May Be Taking Center Stage

Both The Home Depot and Lowe’s received fewer visitors in 2024 compared to 2023, but a closer look reveals that the YoY dips in repeat visitors (who visited at least twice a month) were larger than the declines in casual (once a month) shoppers. For example, in December 2024, the number of casual visitors to The Home Depot dipped 3.0% YoY while the number of repeat monthly visitors declined by 4.0% compared to 2023. YoY visitor trends to Lowe’s generally followed a similar trend.

This trend suggests that, with home sales at their lowest levels since 1995 and many consumers looking to avoid non-essential expenditures, demand for large-scale renovations may be slowing. As a result, contractors and homeowners undertaking major remodeling projects are likely visiting these stores less frequently. 

But while these trends may be hampering home improvement visits in the short term, the current downturn could also be setting the stage for a future recovery – as a stabilizing economy could unleash significant pent-up demand.

What Comes Next For Home Improvement?

Visits to the country’s two largest home improvement retailers, while not yet returned to their pandemic-era highs, are beginning to stabilize. Will 2025 see a return to normal for the chains? 

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