![]() ![]() Those customers have been more willing to splurge on big-ticket items such as riding mowers and even seasonal decor - like a 12-foot skeleton that became a breakout hit and sold out at Home Depot before October. As houses get older, homeowners need to replace worn-down kitchen appliances or refresh an out-of-date bathroom.ĭespite the economic toll of the pandemic on millions of unemployed Americans, some consumers feel like they have more money as they skip vacations and nights out to dinner. is also aging, Lowe's CEO Marvin Ellison said. "They view their homes more as an investment, rather than expense, and so they're willing to spend more." "A healthy housing economy leads to consumers being willing to spend more on their homes," McPhail said. As people spend more time at home, some have chosen to move out of dense urban environments and into more spacious houses in suburban or rural areas. ![]() homebuilding has increased, as mortgage rates remain at historic lows. The real estate market's strength has boosted spending, too, he said. "What we've seen is the emergence of the true project - the multi-item, more complex home improvement project that our customer decides to take on themselves," McPhail said. They have converted garages into home offices and gyms, transformed children's bedrooms into temporary classrooms and spruced up the yard to make it a relaxing escape during a challenging year. Many consumers have put money toward their home so it better suits the way they live now. Personal Loans for 670 Credit Score or LowerĪs the pandemic interrupts nearly every aspect of life, Home Depot Chief Financial Officer Richard McPhail said people have had a "nesting instinct." He compared it to Americans' frame of mind after the 9/11 terrorist attacks and the housing crisis in 2008. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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