- Home Depot passed a milestone signalling the pandemic's massive impact on home improvement.
- The retailer added $40 billion in sales over the past two years.
- Pre-pandemic, it took Home Depot nine years to garner a similar increase in sales.
Home Depot announced that it boosted its sales by a record-breaking amount over the past two years, and it's just the latest sign that the pandemic has completely altered how people spend on their homes.
The home improvement company added $40 billion in sales over the past two years. Before the pandemic, it took Home Depot nine years to enjoy a similar growth, between 2009 and 2018. In Tuesday's earnings, Home Depot posted $35.7 billion in quarterly sales, and saw a 8.1% increase in comparable sales.
Home improvement spending at large has seen a massive spike throughout the pandemic. From millennials tackling DIY projects — or giving up and calling in professionals — to the major surge in lumber prices, the home improvement business has largely benefitted from the fact that so many consumers have been stuck at home due to ongoing uncertainty about the pandemic.
Even though some experts have signaled that the end of the pandemic could be near, the longterm impact of the virus could be felt for years to come. Pew Research Center reported that 61% of respondents to a survey about working preferences said they were "choosing not to go into their workplace." Millennials are increasingly jumping into a competitive housing market, and finding creative ways to make homeownership work for them.
All of those trends help to boost home improvement spending.
"Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates' relentless focus on our customers," Craig Menear, Home Depot chairman and CEO, said in a statement.