The Home Depot, known for its home improvement products, is investing heavily into its online decor business as an increasing number of homeowners rapidly turn to DIY projects.
Its HD Home assortment includes interior furniture, wall décor, home accents, housewares, tableware and even cookware, which are all offered online, according to the retailer. The products are designed for people to complete their projects and rooms, Home Depot said, adding that its seen tremendous growth in its decor assortment.
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As part of its “strategic investments,” Home Depot has been “leaning into several home décor categories,” Home Depot CEO Ted Decker said in an earnings report.
The company’s trend and design team found that customers were more interested in items that make them feel “comfortable at home,” which the company said falls into the home decor categories.
And with the resurgence of cases keeping consumers homebound now more than ever before, having that comfortable living space has proven to be even more important.
In fact, while many retailers continue to reel from virus-related closures and capacity limitations, Home Depot has been profiting from the do-it-yourself boom. During the three months ending in June, sales surged 23%.
It marked its strongest quarterly sales growth in nearly 20 years, with revenue totaling $38.1 billion, compared to the same period in 2019, FOX Business previously reported.
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With “record levels” of online traffic, Decker said the company has seen “significant, outsized sales growth” with HD Home.
“As consumers shop fewer and fewer retailers, our research showed that our customers were increasingly looking to HomeDepot.com to help with project completers like room décor and textiles,” Decker said.
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However, Home Depot isn’t the only one profiting off homebound DIYers.
In its latest earnings report, rival Lowe’s said that online sales increased 106% while sales in stores open at least a year grew by 30.4%.
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