In 2023, Home Depot's annual sales amounted to over 152 billion U.S. dollars, whereas its main competitor, Lowe's, reached more than 86 billion U.S. dollars of sales.
Home improvement companies
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 2023, 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 1,970 stores.
Consumer behavior and sales
The average amount spent by consumers on home improvement products has seen a year-on-year increase. In a survey carried out in 2023, The Home Depot ranked fifth amongst leading American retailers, with estimated retail sales of over 146 billion U.S. dollars. In this same survey, Lowe’s Companies, Inc. ranked ninth, with estimated retail sales amounting to over 89 billion U.S. dollars.
