Dive Brief:
- To provide first-time homeowners with resources, Home Depot on Wednesday unveiled its New Homeowners Hub, according to a company press release.
- At the hub, first-time homeowners can view do-it-yourself guides, design ideas, product recommendations and other useful resources. The retailer’s virtual workshops demonstrate skills such as changing light fixtures, painting rooms and replacing garbage disposals.
- According to a Home Depot and Morning Consult survey, 74% of millennials said home maintenance was the most stressful aspect of homeownership, followed by home improvement projects (68%).
Dive Insight:
Through Home Depot’s new hub, the retailer is targeting its home improvement expertise toward younger consumers seeking to upgrade or repair their homes. Per its survey findings, 80% of millennials and Gen Z respondents want to do repairs, renovation, design and decor projects, but only about a quarter of millennials and a third of Gen Z respondents feel “very confident” about embarking on a home improvement task.
“Our research has shown that lack of proper knowledge, tools and time were the top barriers for millennials navigating home improvement projects, which is especially stressful for a generation of current and soon-to-be first-time homeowners,” Molly Battin, senior vice president and chief marketing officer at The Home Depot, said in a statement. “Helping homeowners complete projects is part of our DNA, so it was a natural move to create an online resource designed to empower our customers with everything they need to confidently turn their first house into a home.”
Though Home Depot is reaching out to new homeowners with its hub, the retailer previously crafted content for other groups. In March 2022, the company launched a virtual workshop series to provide professional contractors with business advice, including social media best practices, spotting trends and managing business expenses. About a year later, the retailer introduced a Virtual Kids Workshop experience within Redcliff City on Roblox, a digital experience inspired by its in-person Kids Workshops.
Besides Home Depot, other retailers and brands have created educational content for customers. REI, for example, offers online educational presentations for its customers, enabling newcomers and experienced adventurers to access its expertise before their next journey.
As Home Depot seeks to attract younger homeowners, the retailer has reported a dip in earnings and is working to curb its costs. In its Q2 earnings report, the retailer’s sales and its comparable sales both slid 2% year over year, and it changed its full-year guidance for sales and comps to decline between 2% and 5%. The company is also executing a $500 million cost-savings strategy that will cut its supply chain holding capacity, executive vice president and CFO Richard McPhail told investors and analysts at a June 13 conference.
