Home Depot Reports High Sales as the remodeling industry continues to grow following the era of the Great Recession. According to Retail Dive, the home improvement retailer has seen sales rise 6.5% in July compared to a year-ago where sales were “surprisingly flat” in July of 2015.
The good numbers for Home Depot also show that the continued growth in online shopping hasn’t impact the home improvement industry. The so-called “Amazon effect,” hasn't forced home improvement retailers to compete on prices as other retail stores have.
As Retail Dive reports,
The reasons are both psychological and practical. The psychological: Many home owners don’t see spending on their homes as a luxury or discretionary purchase, but as an investment. The practical: Shoppers still see a need to run to a home improvement store to browse and buy colors of paint, for example. Add to that the fact that about two thirds of homes in the U.S. are older, requiring more upkeep, and that low interest rates and rising home values are making such spending highly palatable.