Lowe’s is set to report its earnings on February 26, and watchers are jazzed by the prospects of the home improvement giant. Analysts are expecting earnings of 91 cents a share, up from 80 cents a share this time last year.
And according to a CivicScience study, this excitement may be warranted, as 55% of Americans have a favorable view of Lowe’s, which is up nearly 2% since the last time CivicScience took a peek at these numbers back in May. Perhaps even more positive? Those with an unfavorable view of Lowe’s dropped over 20%, to an all-time low of 7%.
Both these numbers compare very well with how Americans feel about Home Depot, with favorability hovering in the same range and unfavorability hitting Home Depot harder.
Younger Generations Coming Around
While Lowe’s overall numbers ticked higher in the study, the biggest gains were found when looking at different age groups. While the 55+ cohort still found Lowe’s most appealing, all other age groups showed noticeable bumps in their view of the chain. Gen Z? Favorability up a robust 35%. Millennials? Up 7%. Gen X? Up 7%. What’s more: The Gen Z numbers are now in line with Home Depot, and Millennials are closing in.
Homeowners Tighten Up
While Lowe’s can very happily look to the youth movement for future growth, the here and now got a little tighter when compared with Home Depot. Homeowners have a near-identical favorable view of both Lowe’s and Home Depot, which is a change from last May, when Lowe’s held a comfortable 8% lead in favorability. Today, that difference is down to less than 2%.
Geographical and Economic Factors
While Home Depot is more popular with city residents, suburban residents are pretty even when it comes to their views on both Lowe’s and Home Depot. And those who consider themselves rural residents are 9% more likely to be fans of Lowe’s.
Lowe’s is always going to be compared to Home Depot, for better or worse. One very interesting take away from the study is the marked difference between city and rural Americans. Home Depot is more popular than Lowes among city dwellers, while Lowe’s is more popular than Home Depot among rural Americans. Given the fact that city dwellers are the most likely to say now is a bad time to do home improvements, there is a chance city-dwelling Home Depot customers will forgo future trips to the store, or at least spend less when they are there.