“Everybody believed during 2021 that we’d see a significant shift away from goods back to services as the economic environment opened up as we got our arms around the pandemic,” Craig Menear, Home Depot’s chief executive, told analysts after the company reported its earnings Tuesday. “Clearly, we have not seen that.”
Strong October sales may partly reflect an early start to the holiday shopping season. In mid-September, L.L. Bean added a banner to its website warning customers about holiday shipping delays and shortages and urging early shopping. Best Buy offered its Black Friday deals well before Halloween, from Oct. 19 to Oct. 22. Target started “early Black Friday” deals on Oct. 31.