According to new proprietary research from Lowe’s, 86 percent of industry pros found inflation a top challenge in 2022, and two-thirds of those pros believe it will be a long-term issue.
For the second year in a row, Lowe’s conducted its proprietary Pro Pulse Survey to understand pros’ reflections on the year and what they expect ahead. In addition to challenges they faced like inflation, the key findings suggest the following:
- Pros remain optimistic despite a challenging economic backdrop. Nearly three in five, or 59 percent, pros say their job has been more challenging than last year, but 73 percent say their job has been more rewarding than last year.
- Pros expect steady project growth in 2023. 66 percent expect to have more work for the remainder of the year than they did during the rest of the year, and 73 percent expect even more work in 2023.
- The increasing economic pressures provoke an even deeper focus for pros on saving time and money. While 98 percent of pros say effective time management is important to the success of their jobs, 57 percent of pros name effective time management as a challenge.
- Looking ahead to next year, the majority of pros, 61 percent, plan to outsource part(s) of their business. Further, 68 percent say they rely on their retailers and suppliers more than they did a year ago.
The Lowe’s PROvember Playbook aims to help ease the burden of these issues by offering advice from Lowe’s Pro Ambassadors about making the most with their money, which tools are worth stocking up on now, and which deals provide the most return on investment for their business.
“We know Pros have a lot of challenges to navigate this winter, so we are deepening our dedication through Lowe’s PROvember,” says Tony Hurst, senior vice president, Pro, services and international. “As a true business partner for Pros, we are listening to their needs and adding more value and more meaning to what we offer our Pros so they can get ahead of another busy year.”
