Dominick Reuter/Business Insider
- US consumers are spending a lot less on home improvement as the housing market cools.
- While most shoppers are more budget-conscious, Lowe's execs say some are spending big on appliances.
- One smart LG fridge that makes "craft ice" is a "top-seller despite retailing for over $2,500," one exec said.
It's no secret that the combination of a slowdown in the US housing market and a post-COVID pivot in consumer spending is putting the squeeze on home improvement retailers' sales numbers.
Lowe's reported a year-over-year decline of 6.2% on Tuesday, a week after rival Home Depot posted its own dip of 3%, due largely to increasingly selective customers.
"The consumer is healthy," Lowe's CEO Marvin Ellison said on the company's fourth quarter earnings call. "They're simply choosing to leverage their spend in different places."