Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In

Visits Improve for Home Improvement

Ezra Carmel
May 11, 2023
Visits Improve for Home Improvement

We last checked in with the home improvement sector at the start of 2023, when visits were beginning to heat up after a muted 2022. With Q1 in the books, we decided to revisit the location intelligence metrics for the category leaders –  Lowe’s and The Home Depot – to take a closer look at foot traffic to both brands so far in 2023. 

Home Sales Drive Visits

Although a decline in home sales in 2022 and the significant pull-forward of demand over the pandemic are contributing to lagging visits, the home improvement sector continues to show its resilience. As sales of both new and existing homes have accelerated in recent months, year-over-year (YoY) visit gaps for both Lowe’s and Home Depot continue to shrink. 

Between March 2022 and April 2023 Home Depot and Lowe’s YoY monthly visit gaps narrowed from 19.2% to 10.3% and 23.7% to 11.4%, respectively.

Remodeled Consumer Behavior 

The pandemic introduced many consumers to the joys of DIY-ing, which likely contributed to high cross-visitation between the two biggest brands as consumers familiarized themselves with the space and shopped around for the perfect materials. But as more Americans return to in-person work and unemployment reaches historically low levels, consumers may have less time to invest in home improvement projects. At the same time, DIYers who maintained their interest in the space have likely gained experience and settled on a favorite home improvement retailer. This could be why cross-shopping between Lowe’s and Home Depot has decreased significantly between Q1 2021 and Q1 2023. 

In Q1 2021, 38.5% of Home Depot visitors and 46.6% of Lowe’s visitors also visited the other retailer. While in Q1 2023, just 30.1% of Home Depot visitors and 36.6% of Lowe’s visitors also visited the competitor. These changes in cross-shopping behavior in 2023 appear to indicate that Lowe’s and Home Depot's enhanced loyalty programs have encouraged consumers to stand by the respective retailers. And for mission-driven and price-sensitive consumers looking to consolidate trips and save money, strong loyalty programs mitigate the need to comparison-shop for the best deals. 

Time for Visits

While those outside the space may view Home Depot and Lowe’s as interchangeable, the decline in cross-shopping between the retailers does indicate that the two chains serve different audiences. Diving deeper into the traffic data also reveals that visits to the two brands follow a different pattern.  

Both brands have invested heavily in attracting professionals, but the data suggests that Home Depot may be driving more of the Pro market while Lowe’s attracts more DIYers. In Q1 2023, Home Depot had a larger relative share of weekday and morning visits, when professionals were likely picking up supplies for a job. Meanwhile, Lowe’s had elevated weekend and afternoon visits – times when working DIYers were more likely to stock up on supplies. So whether consumers choose to take on projects on their own or hire professional help, there is a home improvement retailer ready to serve their specific needs.  

Room for More Improvement? 

With a housing market that’s beginning to heat up as well as demand from both professional and DIY consumers, the home improvement space is well-positioned to make a comeback. Will the home improvement space continue to find success as 2023 progresses? 

Keep up with to find out.

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Free
Oops! Something went wrong while submitting the form.
Fitness at its Fittest: Staying Strong in 2023
Movie Theaters, Off-Price, and Home Improvement: May 2023 Recap Mall Index - May 2023 Recap
What’s Working for Bath & Body Works?
Why Are Specialty Grocers Thriving in 2023?
The CAVA Craze: A Location Intelligence Perspective on the Mediterranean Marvel
How Will Primark’s US Expansion Impact Target?
All Eyes on Eyewear
Northwestern U.S. Grocery Dive
Return of the Lunch: Salad Chains Are Thriving
Retail Media Networks – Off the Beaten Track
Bet Your Bottom Dollar: Discount and Dollar Stores Drive Foot Traffic
Ulta & Lululemon: Discretionary Spending On The Up
The Score After Q1: Sporting Goods Chains
Who Uses NYC Airports: Biting Into The Big Apple’s Main Transport Hubs
Off Price: Strength in The Face of Retail Challenges
Visits Improve for Home Improvement
Walmart, Target & Wholesalers in Q1 2023 – The Return of Mission-Driven Shopping?
Department Store Roundup: Q1 2023 Office Index: April 2023 Recap Mall Index, April 2023 – A Rebound on the Horizon?
How Will Bed Bath & Beyond’s Bankruptcy Impact the Retail Space?
Buffet Restaurants: Filling Up on Foot Traffic
Thrift Stores: Vintage Visits Drive New Age in Apparel
The Windy City: A Hub of Post-Pandemic Opportunity
Diving into Dining Traffic - Q1 2023
Bring On The Joe
A Dollar (or more) For Your Thoughts: Five Below and pOpshelf
Dining Out With The Cheesecake Factory
Retail Foot Traffic Recap – March 2023
Digging Into 2023: McDonald’s and Chipotle Update Office Index: March 2023 Recap
How Did Key Retail Categories Perform in Q1 2023?
Northeastern USA Grocery Dive
Movie Theaters Storylines for 2023
Ollie's Bargain Outlet: Discounters are Evolving
Leveraging Brick-and-Mortar Retail in 2023
America’s Evolving Work Patterns: A Deep-Dive into New York and Chicago Mall Index March 2023
Tuning Into Record Stores
Five Franchises To Watch in 2023
What’s Next For Domestic Tourism?
It’s Showtime! Movie Theaters in the Spotlight
5 Limited Time Offers (LTOs) Driving Restaurant Traffic
Department Store Deep-Dive: Belk
Regional Grocery Chains Staying Ahead of the Competition
Five Chains that Rightsized for Success
Unlocking the Potential of Offline Retail Media Networks
Dining Out With Darden
What’s in Store for Self-Storage?
Nike & lululemon Update: Strong Performance Amid Expansion Plans
Many Ways to Win: Midwest Grocery Deep Dive
Retail, Reinvented: The Rise of the Pop-Up Shop
Navigating a New Normal in Business Travel & Commutes Office Index: February 2023 Recap
Retail Categories Staying Strong in Volatile Environment
Ulta Beauty: Poised for Success into 2023 Mall Index February 2023: Reasons for Continued Optimism
Catching Up With DICK’s & Hibbett
The Miami-Dade Arena: An Advertising Slam Dunk
Car Washes Revving Up Visits
Tuesday Morning and Sunrises in Home Furnishing
Dining & Valentine’s Day Recap
2023: The Year of the Discount Store
Aldi’s Success Highlights Growing Demand for Value Groceries
5 Retail & Service Categories Holding onto Pandemic Gains in 2023
Visitor Insights from Super Bowl 2023
2023 First Look: Home Improvement Update
How Are Target, Walmart, and Wholesale Clubs Faring in 2023?
Department Store Deep-Dive: Nordstrom
Off-Price: Taking Off in Uncertain Times
Checking in On Middle-Class Hubs
Who Attends the Super Bowl? Office Index: January 2023 Recap
Focusing On Fitness: Q4 and January Recap Mall Index: January 2023 – Returning Mall Normalcy?
Location Intelligence Insights Into Concert Attendance
Winning Dining Strategies for 2023
In-N-Out Burger: What to Expect as the Brand Moves East
Location Intelligence Breakdown: Coffee Caps-Off 2022
Digitally Native Brands Lean Into Brick & Mortar
Washington, D.C. Population Changes & Migration Trends
A Location Intelligence Perspective on Macy’s Rightsizing
Amazon-Powered Shopping: The Future of Brick-and-Mortar Grocery?
Cold Weather, Hot Visits: Diving into Winter Resorts
Wawa and 7-Eleven: Leaning Into the “Slurpee Effect”
2022 and Beyond: Catching Up With McDonald’s & Chipotle
Let’s Have Some Fun! Going Out Is In’s Q4 2022 Quarterly Index Adds Industry Executives to Leadership Team To Drive Company's Next Phase of Growth
5 Emerging Retail Formats: 2023’s Brick-and-Mortar Evolution
Grocery Update: Zooming in on the Lone Star State
2022 Office Recap: The Year of the TGIF Work Week
What Lies Ahead for Brick-and-Mortar Luxury in 2023 Mall Indexes: December 2022 Recap
Looking Back on 2022’s Holiday Shopping Season
Post-Pandemic Migration Trends in New York
Top Retailers for 2023
The Live Sports Advertising Opportunity
Domestic Migration to the Mountain States: Small Shifts with Big Implications