Home Depot leads U.S. home improvement spending share, Amazon in third

It is learned that according to foreign media reports a few days ago, Home Depot and Lowe's will continue to dominate the US home improvement market in 2024, accounting for nearly 50% of consumer spending, and Amazon ranks third.

According to the home improvement tracking report of market research firm Numerator, as of September, Home Depot and Lowe's accounted for 28% and 19% of consumer spending in the home improvement category, ranking first and second. Amazon ranked third with 14.4%, and Walmart accounted for 10.4%. Other retailers such as Menards (3.2%), Costco (2.8%), Harbor Freight Tools (2.7%) and Ace Hardware (2.1%) occupied a smaller market share.

Image source: Numerator

The report states that the main reasons consumers choose specific retailers include good prices (48.4%), convenient locations (47.6%), and a wide selection of products (36.3%). The main purchasing needs are small DIY project supplies (31.3%), large DIY project supplies (16.3%), and replacing damaged items (15.7%).

Image source: Numerator

In addition, the categories with the fastest household penetration growth in the past 12 months are outdoor power equipment (39.2% of households purchased) and hand tools (52.1% of households purchased). Although most home improvement categories are still dominated by branded products, private label brands are gradually gaining share in the fields of hand tools (38.6%), lawn and garden (22.9%), and kitchen and bath (20.7%), showing that consumers are paying more attention to cost-effectiveness.

Author ✎Rayna/

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