Top home improvement retailers Canada
Table of Content
As of 2021, the home improvement giant was among the top five leading e-commerce retailers in the United States, and the second leading online store in the furniture and appliances segment based on e-commerce net sales. The company offers approximately one million products on its online page, as well as DIY projects inspiration via the company’s blog. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. The average amount spent by consumers on home improvement products has seen a year-on-year increase. In a survey carried out by the National Retail Federation, The Home Depot ranked fourth in the leading 100 American retailers in 2020, with estimated retail sales of over 121 billion U.S. dollars.
This DIY segment of the Home Depot target market also likes to save money by doing things themselves. They would rather spend the money on the materials they need than on paying someone else to do the work for them. And they are often driven by the challenge of doing a project by themselves. This segment of the Home Depot target market is simply those people who love Home Depot and everything it has to offer. They may not have a specific reason for shopping there, they just enjoy the experience of walking around and browsing for things. But sometimes, they may simply walk into a Home Depot store and find everything they need.
Consumer behavior and sales
It has slowly become the second-largest home improvement shopping stop that owns sales of 100 billion dollars. With the outbreak of the coronavirus (COVID-19) pandemic and the lockdowns that ensued, many turned to home improvement and DIY projects. Among the main reasons for that was the fact that people felt they finally had the time for it. According to a survey conducted in July 2020, 76 percent of respondents had made at least one improvement up until that point during the coronavirus outbreak. In 2021, Home Depot reached over 151 billion U.S. dollars in net sales worldwide, up from roughly 132.1 billion recorded a year earlier.
So, you can see what your average spend is per transaction for any store, and you can compare that to the average spend of its rivals. The Home Depot target market includes people who have just moved into a new home and are looking to furnish it. Home Depot can be a one-stop shop for these people, as they offer affordable home decor items that still look high-end. Home Depot can be a perfect place for people who like DIY home improvement projects. Home Depot offers a wide range of products, from tools to materials to finished products. Home Depot has been revolutionizing the sector of home improvement for the last 40 years.
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Home Depot annual revenue for 2022 was $151.157B, a 14.42% increase from 2021. Grade indicates a company with significant issues that are currently affecting its stability and long term risks. Require an extremely large margin of safety for F rated stocks when purchased.
Grade indicates a company in good standing but has issues that could affect its stability and long term risks. D rated stocks should require a large margin of safety when purchased. Both home improvement giants saw success during the pandemic as the whole category was buoyed by lockdowns. It remains to be seen how they will perform in a post-pandemic world, where revenge travel and entertainment spending are likely to be primary focuses.
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In 2021, Home Depot's annual sales amounted to over 151 billion U.S. dollars, whereas its main competitor, Lowe's, reached more than 96 billion U.S. dollars of sales. The revenue growth was below Home Depot Inc 's competitors average revenue growth of 8.68 %, recorded in the same quarter. Nothing presented herein is, or is intended to constitute investment advice. This rating is reserved for companies with strong balance sheets and/or excellent dividend histories.
Others appreciate the classic look that Home Depot offers and know that their products are built to last. People looking for gifts also want to find a store that offers a wide range of products. They may not know exactly what the person they’re buying for wants, so they want to have a lot of options to choose from.
This represents an increase of roughly 14 percent in comparison to the previous year, and a 37 percent increase in comparison to the pre-pandemic results of 2019. Home Depot sales in 2020 totaled $132.1 billion, and Lowe’s rang up $89.6 billion in sales, making them two of the 10 largest retailers in the U.S. Each year, the average U.S. household spends $3,000 on home projects, according to Bank of America data.
In addition, we face growing competition from online and multichannel retailers as our customers increasingly use computers, tablets, smart phones and other mobile devices to shop online and compare prices and products. Home Depot has been investing in its strategy to connect its stores online and bring the online experience to their stores. In short, the goal is to provide a two-way infrastructure, creating an omnichannel by connecting the online and in-store channels.
With a wide range of furniture, home decor, and accessories available at the Home Depot, they can easily change the look of any room. Home Depot offers affordable furniture and home decor that still looks high-end making this an ideal segment of the Home Depot target market. In this article, we’ll review the Home Depot target market and understand the reasons why they choose to shop at Home Depot instead of at other home improvement stores. Home Depot carries products like building supplies, appliances, tools, hardware, bathroom fixtures, paint, flooring, and more. The company also offers services like installation, home improvement advice, and financing options. As a Premium user you get access to the detailed source references and background information about this statistic.
Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions. The Home Depot and Lowe’s Companies, Inc. are home improvement retailers which were founded in 1978 and 1946, respectively. They both offer a wide range of products ranging from electrical products to flooring. In 2021, the majority of The Home Depot’s stores were located in the United States and it operated over 2,300 stores worldwide, while Lowe’s Companies, Inc. operated 1,971 stores.
The home improvement retail category jumped during COVID-19 as consumers invested in making their homes more comfortable and better able to handle the demands of working, playing and much more. Each year, the average U.S. household spends $3,000 on home projects, data show. Between 2023 and 2028, the worldwide home improvement market growth is projected to be nearly 5.3%. Home Depot annual revenue for 2020 was $110.225B, a 1.87% increase from 2019. Home Depot annual revenue for 2021 was $132.11B, a 19.85% increase from 2020.
The home improvement and DIY retailer had a total of 2,317 stores worldwide. Are two of the biggest names in all of U.S. retail, but they only have about 30% market share in the category, according to data provided by Bank of America. The Home Depot is an U.S. home improvement retailer whose first store opened over 40 years ago in Atlanta, Georgia. As of the beginning of 2022, the company had over 2,300 stores, with the United States being the retailer’s biggest market. In 2021, Home Depot’s brand was valued at nearly 53 billion U.S. dollars, competing with world famous names such as Walmart. In that same ranking, the company beat one of its main competitors, Lowe’s, by a significant amount.
Home Depot, the American home improvement retailer, was founded in 1978. The company’s original aim was to build retail superstores larger than any of their competitors and the first two stores were opened in Atlanta, Georgia in the next year. In 1981, the retailer branched out of Georgia and began to open more stores in different states and later entered neighboring markets. By 2020, Home Depot operated almost 2,300 big-box home improvement stores across the whole of North America and Mexico. Home Depot was the leading home improvement retailer in Canada in 2020, with sales amounting to around 10.4 billion Canadian dollars. Lowe’s and Home Hardware stores ranked in second and third places, with sales of around eight and 7.7 billion Canadian dollars respectively.
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