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Sensor Tower · Sneha Pandey · December 2024
MMM: 3Q24 Home Depot & Lowe’s Combat Macroeconomic Pressures
High interest rates and macroeconomic uncertainties have continued to impact the home improvement sector, leading to increased engagement and download growth for Lowe’s app as it strategically targets value oriented customers while Home Depot sees lackluster MAU growth, declining downloads and engagement.
Key Takeaways:
Per Sensor Tower data, Home Depot experienced a modest 1.3% growth in average MAUs YoY in Q3 FY24 but faced declining engagement and a 2.5% drop in downloads, alongside a 20% reduction in ad spend as it struggles to attract price-sensitive consumers towards DIY discretionary home projects
Of Home Depot's top 10 creatives by ad spend, only one emphasized “low prices” and “great value”; 60% focused on DIY projects
Lowe's saw nearly 8% growth in average MAUs and a 33% increase in downloads, bolstered by effective advertising that emphasized deals and services, resulting in improved engagement and a strategic focus on Pro (contractor) customers
For more information, request the full report from reports@sensortower.com.
Written by: Sneha Pandey, Insights Analyst
Date: December 2024