A recent survey of 2,000 Americans found that three in five believe the US is currently in a recession despite the fact that government data show the economy is growing.
Home Depot warned that consumer sentiment on the economy is souring as it slashed its sales forecast for the second half of the year.on Tuesday that consumers have adopted a “deferral mindset” since the middle of last year, resulting in lower spending on home-improvement projects.“Pros tell us that, for the first time, their customers aren’t just deferring because of higher financing costs,” he said.
Home Depot expects annual comparable sales to drop between 3% and 4%, compared with its prior view of a nearly 1% decline. The next year, Home Depot reported revenue of $151.2 billion and $157.4 billion in 2022 as pandemic-era spending continued apace.Last year, Home Depot generated $157.7 billion in revenue — a marginal increase from 2022. The slowdown in spending on home improvement coincided with consumers preferring travel and concert tickets.
Good news could be on the horizon for the housing market, which has been plagued by chronically high demand and low inventory.
Home Depot Homeowners Inflation Interest Rates Recession Residential Real Estate Stock Market
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