Lowe’s is struggling to attract price-conscious customers amid inflation and tariffs, leading to lower sales in Q1 2025. However, Q2 saw a 1.1% increase in comparable sales, with a 2.9% rise in average spending per purchase. Foot traffic declined by 3.8%, impacted by a nationwide boycott and housing market slump.

Despite sales growth, Lowe’s is facing challenges due to a housing market slowdown and consumer boycott. Customer visits declined by 3.8%, with Home Depot seeing a smaller decrease. The current housing market is causing consumers to delay large projects in favor of repairs and maintenance, impacting sales.

Tariffs imposed by President Trump are affecting Lowe’s as consumers cut spending due to concerns about a potential recession. A survey revealed that 3 in 5 Americans are reducing spending. Lowe’s CEO mentioned diversifying sourcing and using dynamic pricing to manage higher costs from tariffs, with 60% of goods sourced from the US.

Lowe’s CEO mentioned that the company is managing tariffs by diversifying sourcing and using dynamic pricing to cope with higher costs. Pricing is adjusted based on factors like competitive pricing and customer demand, helping navigate the impact of tariffs.

Read more at Yahoo Finance: Lowe’s struggles to fix a concerning customer problem