The sales of the three major home furnishing giants reached nearly 55 billion US dollars, and Home Depot firmly ranked first

Home improvement was one of the bright spots in the U.S. economy in 2020. According to research data analyzed and published by ComprarAcciones.com, sales of products in this field increased by 8.7% year-on-year to $440 billion.

The sales of the three largest home furnishing giants in the United States reached nearly 55 billion US dollars in the fourth quarter

The top three home improvement retailers in the U.S., Home Depot , Lowe's , and Ace Hardware, sold a total of $54.67 billion worth of merchandise in the fourth quarter of 2020. In comparison, their collective sales totaled $41.88 billion in the fourth quarter of 2019.

Home Depot, the largest of the three, saw sales surge 25% from $25.78 billion in the fourth quarter of 2019 to $32.26 billion in the fourth quarter of 2020. In addition, digital sales surged 83% in the fourth quarter and 86% for the full year. For the entire 2020, net sales increased 20% to $132.1 billion.

Lowe's ranked second, with fourth-quarter 2020 net sales rising to $20.31 billion from an expected $19.48 billion , as online sales soared 121%. For the full year, its net sales totaled $89.4 billion.

Separately, Ace Hardware, the third-largest home improvement chain in the U.S. , also posted record revenue in the fourth quarter of 2020 , with total sales reaching $2.1 billion following a 39.2% year-over-year increase. Full -year sales for 2020 increased 27.9% to $7.8 billion from $6.1 billion in 2019 , with online sales soaring 272%.

U.S. home improvement spending to rise 4.1% in first quarter

According to Harvard University research data, annual spending on home improvements and repairs will increase by 4.1% in the first quarter of 2021. However, by the third quarter of 2021, growth is expected to taper off to 1.7%.

Annual spending on home renovations and repairs is expected to increase from $332 billion to $337 billion by the second half of this year .

According to a December 2020 survey conducted by Lowe's, 40 % of consumers said they have started to take an interest in home improvement. About 59% said they plan to continue spending some of the money they would have used on other things before the pandemic on home improvement.

Notably, Lowe's warned that home improvement demand will taper off, with total annual sales expected to reach $86 billion by 2021. However, Home Depot noted that large professional customers may increase purchases . Professional sales account for 45% of Home Depot's sales, compared to only 20% to 25% for Lowe's.

Generally speaking, in the United States, home decoration will still be a major development trend this year.

Home Depot

Lowe's

Ace Hardware

USA

Home improvement industry