Lowe’s issues stern warning about an alarming consumer trend
The home improvement retailer is turning heads with its latest announcement.
Lowe’sLOW, like many of its main competitors, has suffered shrinking sales amid a startling consumer trend for several financial quarters.
Many consumers across the country have deprioritized spending on large discretionary home improvement projects such as kitchen and bath remodels. This is during a time when home prices in the U.S. remain high and the housing turnover rate remains the lowest it’s been in 30 years. To make matters even more challenging, the average 30-year mortgage rate in the U.S. is currently above 6%.
