Home Depot beats Amazon and Lowe’s in home improvement sales
Although both sales and prices of homes have dropped to a two-year low, the home improvement category has managed to still drive positive growth.
After a brief dip in YoY home improvement sales in March 2022, sales have since rebounded this year. During the early summer months, for example, YoY online and offline GMV was up about 13% in the category.
Home Improvement Monthly GMV & YoY GMV Growth
United States, Online + Offline | January 2020 - August 2022
Home Depot dominates the home improvement category, with a third of market share in online and offline sales. Behind Home Depot are Amazon, Lowes, and Walmart with about 15% to 20% GMV share each.
Amazon, however, is closing the gap on Home Depot, growing from about a 20% market share in August 2020 to over 25% in August 2022. Moreover, Amazon wins the online home improvement market, with consistently over 60% market share in online-only sales.
Monthly GMV Share, Home Improvement Retailers
United States, Online + Offline | January 2020 - August 2022
For home improvement winner Home Depot, the outdoors and lighting subcategories drive the highest GMV share. However, lighting is losing share to other categories and had the largest decline in GMV, dropping 2pp from last year.
Appliances, plumbing, and paint grew the most in share YoY. Appliances in particular drove growth, moving from the 7th highest grossing product at Home Depot in 2020 to the 5th highest in 2022. Appliance’s growth in GMV share at Home Depot is particularly impressive given that appliance’s GMV share at Amazon has remained stagnant at about 2% of home improvement sales.
Home Depot - Top 10 Categories
United States, Online + Offline | 1H21 vs. 2H22
Sources: Transaction data, receipt data, email receipt data
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