Did you know that the average American spends around $13,138 on their home each year? Spending on home improvements has increased steadily year on year since the 90s, and this spending increased exponentially after COVID lockdowns saw us all spending more time in our homes than ever before, as well as forcing us to use our homes in different ways.
This increased spending has led to a huge rise in the number of home improvement stores Americans can purchase their home improvement wares from. Both online and on the high street, there are now more than 13,000 home improvement stores in America.
The biggest spend comes in the form of appliances, with homeowners looking for devices that can make their lives better, easier, quicker, and happier, and two of the most popular stores are Lowe’s and Home Depot, with these both specializing in the sale of kitchen, laundry, and other household appliances.
But when it comes to Lowes vs home depot for appliances, which of these stores offers the best value for money? We’ve done the legwork to find out…
Lowe’s Companies. Inc (shortened to Lowe’s) is the second largest home improvement store in the US, surpassed only by Home Depot. It’s also the second largest hardware chain in the world, beating European hardware stores such as B&Q.
The very first Lowe’s store was opened in North Wilkesboro, North Carolina in 1921, it sold hardware, building materials, horse tack, and groceries. After the second world war, the store pared back its offering to focus on hardware and building materials, and in 1949 Lowe’s purchased their second store in Sparta, North Carolina. By 1962 Lowe’s operated 21 stores and reported annual revenues of over $30 million, and as of the end of July 2022, there are now 1,728 Lowe’s stores around the world.
Lowe’s prides itself on being a specialty retailer that caters to consumers changing home improvement needs, focussing on both keen DIYers and professional tradespeople. Within a Lowe’s store, you will find:
- Building materials
- Electrical and plumbing
- General hardware
- Lawn and gardens equipment
- Home fashions
- A large appliances and electronics center.
The home improvement market in the US currently stands at $140 billion and Lowe’s holds a 6% share of this.
Consumer reports recently polled 48,000 shoppers for their thoughts on where best to purchase appliances, and Lowe’s came in at 20th place due to its above-average selection of brands and models.
Selling everything from refrigerators to garbage disposal units, the choice of products available to purchase is dizzying, and whilst it tends to target professionals who shop there significantly more than DIY customers, there are still some great appliance deals to be made.
Lowe’s sells the following types of large appliances:
- Wall ovens
- Range hoods
- Washers and dryers
- Freezers and ice makers
As well as a number of smaller appliances, gadgets, parts, and accessories.
How to get the best appliance deal at Lowe’s
Lowe’s offers a number of different appliance buying guides that will help to navigate you through the process of selecting the right product for your home. They contain useful information that will help you make decisions about which product, brand, and model offers the features and benefits you’re looking for from your appliance.
Once you’ve got a good idea of the appliance you’re going to buy, you need to start shopping around to find the best deal. There are a number of points you should be aware of when shopping for deals at Lowe’s:
- Typically, you cannot combine deals with each other
- Deals and offers may be excluded on sale items
- Check the terms and conditions to make sure you’re getting the best deal for your money
Price match guarantee
Lowe’s offers a price match guarantee and to take advantage of this you must be able to find the exact make and model of the appliance you would like to purchase, being sold for less money at a different store. If you do find the same item at a lower price you can request a discount by providing evidence.
This is great if you want to shop at Lowe’s but worry they may not be offering the same deals you can get elsewhere.
Sales and coupons
It’s worth holding fire before investing in an appliance from Lowe’s to take advantage of one of their regular sales. If shopping online it’s usually worth quickly checking that there aren’t any coupon codes available, although as a rule Lowe’s doesn’t usually offer these to the general public.
Black Friday and the days around Memorial Day are great times to shop for discounted appliances at Lowe’s.
Lowe’s advantage card
If you’re in possession of a Lowe’s advantage card, you can take advantage of a 5% discount or choose to finance your appliance over six months at no interest. If you’re spending over $2,000 you can spread the payment out over 84 months at a reduced interest rate.
Did you know that military personnel and veterans can get an additional 10% discount on appliances purchased at Lowe’s? Simply register for a MyLowe’s account and enroll online, or speak to a member of the Lowe’s team in-store.
About The Home Depot
Bernie Marcus and Arthur Blank came up with the idea for The Home Depot over coffee in 1978. As keen DIYers themselves they felt there was a huge gap in the market for a superstore that offered tools and hardware at affordable prices. They wanted their USP to be highly trained salespeople who truly understood home maintenance and DIY and would be able to not only sell but assist customers at every skill level.
In 1979 the first two 60,000-square-foot stores opened in Atlanta and there are now 2,317 Home Depot stores worldwide, with the majority of these stores located in North America.
Instantly recognizable due to the bright orange storefront and aprons proudly worn by Home Depot associates, the company aims to provide a broad range of innovative and affordable products to its customers, including:
- Building materials
- Lawn and garden products
- Tool and equipment hire
- Home fashions
- Home improvement products
- Appliances and electronics
The Home Depot is the world’s largest home improvement retailer and boasts the biggest market share at an estimated 17%
The Home Depot appliances
Retailers of appliances from major brands, The Home Depot advertises itself as the shop of choice when it comes to upgrading your home. You can even purchase parts to repair existing appliances, and packages of products for major kitchen remodeling.
However, if you’re looking for a specific major appliance you may have more luck looking online than in-store. The Home Depot is a store dedicated to facilitating the keen DIYer and the selection of appliances on offer in-store may differ from location to location.
How to get the best appliance deals at The Home Depot
There are a number of ways you can save when shopping for appliances at The Home Depot! One thing to keep in mind is their return and exchange policy, which states that most new and unopened products can be returned within 90 days for a full refund or exchange. If you’re a Home Depot card holder, this time is increased to a year.
Special buy of the day
If you’re looking for a bargain you need to check the special buy savings page for the Home Depot special buy of the day and week. These offers don’t stick around for long, so you have to be quick!
Price match policy
Just like Lowe’s, Home Depot offers a price match guarantee which means it will match the price of competitors. If you find the same product at a store that will ship to your location, Home Depot will match the price of the appliance and the shipping costs. You will need to provide evidence, but this is a great way to guarantee a deal.
On most online purchases of $45 or more, Home Depot offers free shipping costs. If you’re buying a major appliance online you can expect free delivery if the cost of the items exceeds $396. Failing that, you can select to pick up the item from store, which carries no charge.
If you’re a tradesperson then you can enjoy a selection of deals and offers, such as the professional loyalty scheme where you can find loyalty benefits and the mobile alerts where you’ll receive a coupon worth $5 along with exclusive offers.
The online savings center is where you can find all special offers in a single place. It’s a great place to browse for deals on specific brands or products, or just regularly check in to see what offers are available.
Email and text subscribers
Anyone can sign up for Home Depot email or text alerts, and those who do will be rewarded with a $5 promo code that can be redeemed in-store. In addition to this, you be regularly sent the latest deals, offers, guides, and project ideas.
Whilst Home Depot rarely releases sitewide discount codes that can be applied to anything, they occasionally release product or brand-specific discount codes that can be redeemed online. They release a few different codes each month, so it is always worth checking before clicking ‘add to basket’.
So finally, which is best for appliances? Lowe’s or The Home Depot?
As we have uncovered, there really isn’t a one-size-fits-all answer to this question as both stores have an amazing selection of appliances and a multitude of ways to ensure you’re getting the best bang for your buck.
Finding the right option for your needs can depend on several factors and the differences between these two ‘big box’ home improvement stores can be difficult to identify. Both stores compete fiercely with each other daily over pricing and when all costs are averaged out, the price of shopping at Lowe’s versus The Home Depot is essentially the same.
Ultimately this is going to be a decision that comes down to you! You might prefer to shop in-store in which case you’re more likely to select the store that has a branch in an easy-to-reach location. But both Lowe’s and The Home Depot invest heavily in digital and have an easy-to-use website, and great delivery options.
Is Lowe’s or Home Depot higher quality?
A recent study by Yelp into the customer reviews from 250 individual Lowe’s and Home Depot stores revealed that Home Depot won by half a point.
However, this study may have been influenced by the character of a store and is not necessarily indicative of the company as a whole. Both Lowe’s and The Home Depot offer top-quality products by leading brands at good prices.
Is Home Depot owned by China?
Home Depot was founded by Bernie Marcus and Arthur Blank in 1978 who spotted a gap in the market for a store that offered a range of products, services, and advice to the keen DIYer. Bernie retired from the board in 2002, and Arthur Blank left as co-chairman in 2001.
The Home Depot is now a publicly traded company, the biggest shareholder being The Vanguard Group, inc.
Who is Home Depot’s biggest competitor?
The Home Depot is the world’s largest home improvement retailer and holds a 17% share of the $140 billion home improvement market spend. Their biggest competitor is Lowe’s which holds a 6% share of this market.
Both companies have thousands of stores across the world and offer a range of home improvement products including building materials, tools, appliances, and home accessories.
Who has more stores, Home Depot or Lowe’s?
Both Lowe’s and The Home Depot came from humble beginnings several decades ago and have grown into multi-national and hugely successful businesses.
In terms of store numbers, as of the end of July 2022, there are now 1,728 Lowe’s stores around the world, and 2,317 Home Depot stores worldwide, with the majority of these stores being located in North America.