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New data this week reveals home improvement giants like Lowe’s and Home Depot posting decrease profits. These companies are also downgrading their sales outlooks for the 12 months. Home improvement consultants say customers have gotten jittery in regards to the economy and are transferring from large-scale remodels to smaller, cheaper projects—or simply scrapping their renovation plans altogether. Consumers have a case of the “home improvement blues,” Neil Saunders, a retail skilled and managing director at Global Data, reportedly said this week.
Home renovation spending is expected to lower from $486 billion to $457 billion in 2024. Homeowners who use any…
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