Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
Lowe’s is trying to turn its “Never Stop Improving” tagline into a mandate this spring. It’s capitalizing on the home improvement boom by extending its typically weekend-long spring sale through all of April.
Rewind: From May to July 2020 alone, Lowe’s brought in nearly a third of its 2020 revenue, thanks to WFH office upgrades and other “stuck at home” projects. April is always a critical time for the company as spring-feverish customers begin DIY projects; Q2 2020 blew past expectations, with a 30% revenue increase.
Fast forward: Recapturing that magic will be difficult in 2021.A recent Wells Fargo survey found only 33% of consumers expect to purchase home goods in the near future. In contrast, a separate survey reported on last October found nearly 80% of homeowners had taken on a DIY home project by June.
- Still, Lowe’s won’t necessarily be in a bad spot, especially if it can reuse seasonal marketing strategies from last year, Neil Saunders, GlobalData managing director, told Bloomberg.
On the flip side: Other segments like beauty and apparel anticipate a 2021 bump. The Wells Fargo survey found 40% of shoppers expect makeup to be their first post-pandemic purchase, while 37% say it will be going-out apparel.