UBS Evidence Lab Inside: HD / LOW / FND: 47th Home Improvement Survey Points to Steady Demand Trends (A Deep Dive In Slides)

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UBS Evidence Lab Inside: HD / LOW / FND: 47th Home Improvement Survey Points to Steady Demand Trends (A Deep Dive In Slides)

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U.S. Hardlines Retail Equities

AmericasUBS Evidence Lab Inside: HD / LOW / FND: 47th

Home Improvement Survey Points to Steady Retailers, Broadline

Demand Trends (A Deep Dive In Slides) Michael AnalystLasser

michael.lasser@ubs.com

+1-212-713 2440

Recent survey results show stable trends in home improvement demand. Sachin Verma

Associate Analyst

The main takeaway from the 47th edition of the UBS Evidence Lab Housing Intentions sachin.verma@ubs.com

survey of over 2,000 adults (>Access Dataset) is that home improvement demand has +1-212-713 3492

largely held steady over the past few months. The level of engagement that consumers

Mark Carden

indicated in this iteration of the survey was largely consistent with the last few iterations.

Analyst

This is further evidence that demand is stabilizing, in our view. Importantly, homeowners mark.carden@ubs.com

are engaging in repair and maintenance needs and light aesthetic changes, in lieu of +1-212-713 3218

larger, discretionary projects. Recent geopolitical and macro uncertainty have probably

Dan Silverstein

complicated an already choppy consumer backdrop, prolonging the time to recovery.

But, as these headwinds subside, we expect the category growth to gradually normalize daniel.silverstein@ubs.com

toward historical levels. Plus, we think the recent stagnation across the category is +1-212-713 2459

creating pent up demand. Further, we maintain our view that Home Depot and Lowe's

Mathew Rothway

remain best positioned to capitalize on an eventual rebound in home improvement

activity. mathew.rothway@ubs.com

+1-212-713 5000