DIY fans won’t have to wait until Thanksgiving to get huge discounts at the nation’s two biggest home improvement stores.
Lowe’s and Home Depot have both announced Black Friday deals will start early this year.
Lowe’s announced it’s kicking off four weeks of Black Friday deals October 29. The sale will slash prices in multiple departments, including tools, holiday decor, appliances and outdoor power equipment, Lowe’s said.
Home Depot will launch its early Black Friday deals November 4. Tools, appliances, outdoor living, lighting and paint are among the departments included in the promotion.
Both stores will be closed on Thanksgiving Day and still have a sales event Black Friday.
The early discounts come as home improvement spending slows, according to Harvard University’s Leading Indicator of Remodeling Activity.
The average spend on home improvements - remodeling, replacement of appliances and other features, additions and structural changes - averaged $520 per homeowner from January to March, then dipped to $517 from May to June.
Year-on-year, spending will flatten out, the university said, and that could mean slower sales for Lowe’s, Home Depot and other DIY stores.
“Growth in remodeling permitting and retail spending on building products have flattened recently, suggesting that renovation activity is cooling,” Harvard’s Rachel Bogardus Drew said.
Remodeling spending will likely remain sluggish until home sales increase. Home sales under contract fell to a 12-year low in September, housing data platform Redfin said Monday.
While home improvement spending is projected to cool, experts say that holiday spending will reach record levels this year.
Overall spending at retailers will pass $1 trillion for the first time, consultancy Bain & Company wrote in September.
Online retail sales will hit a record-breaking $275.1 billion, according to data firm Adobe Analytics. Cyber Week, which runs from Thanksgiving through Cyber Monday, will increase more than 7 percent year-on-year, Adobe noted.
Shoppers at Lowe’s and Home Depot and other retailers can expect discounts of up to 30 percent off during Cyber Week, Adobe said.
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