Less Drilling, More Chilling
Traditionally, Home Depot (HD) and Lowe’s (LOW) have been the go-to destinations for DIY enthusiasts who love rolling up their sleeves for some serious home improvement projects. But recently, these retail giants have made a place for vases, decorative pillows, artificial flowers, and candles alongside longtime staples like drills and nails.
The introduction and subsequent expansion of what some are affectionately calling “soft DIY” marks a significant shift in these stores’ product offerings. It reflects a new wave of home improvement that isn’t necessarily about tearing down walls or building furniture, but rather personalizing and beautifying living spaces.
Fresh Coat of Profits
While it might seem counterintuitive for home improvement stores to pivot toward home decor, the past six years tell a different story. These items have been pulling impressive numbers for retailers like Home Depot and Lowe’s.
At Home Depot, the decor and storage category’s percentage share of sales has grown the most of almost any category since 2017, outpaced only by appliances. Despite this, it still has the smallest share overall.
At Lowe’s, decor has performed even better. The category accounted for 5.4% of sales in 2022, surpassing other traditional categories like tools and flooring.
Home decor sales have doubled at both chains since 2017.
The soft DIY expansion reflects a substantial change in how consumers manage their homes. Instead of the typical renovations and rebuilds, the focus appears to be on freshening up the home with appealing aesthetic touches.
According to experts, this shift marks a second wave of home projects, following the initial “hard DIY” wave that took off during the COVID lockdown. As lockdown restrictions eased, consumers switched from substantial home purchases to decorating, motivated in part by adapting to new ways of living and working.
So, next time you’re at Home Depot or Lowe’s, don’t be surprised if you find yourself checking out with a plush pillow instead of a power drill.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.