2025-06-11-花旗集团-美国建筑产品——信用卡洞察_花旗建筑产品信用卡数据——夏季开局缓慢_11页_230kb

报告摘要

Citi Card Insights: US Building Products

Overview

Citi analyzes a subset of U.S. credit card data for insights into repair & remodel (R&R) activity, which is noted to show a "slow start to the summer." The data, though representative of DIY rather than professional (pro) spending, indicates some improvement but remains below year-to-date (YTD) trends.

Key Points

Spending Trends:
- In the week ending June 7, 2025, R&R card spending improved by +140bps to -3.6% year-over-year (YoY), but still lagged behind YTD trends (-3.1%) and faced a tough comparison to the previous week (-9.3% vs -10.3%).
- Spending is seen as consistent with recent commentary from companies like Home Depot (HD) and Lowe's (LOW), where consumers focus on smaller projects and discretionary spending picks up with improved weather.
Sector Breakdown:
- Home Improvement Retail: Spending declined by 60bps, though still weak.
- Home Furnishing Retail: Increased by +180bps, narrowing the gap with Home Improvement compared to 2024.
- Real Estate Services: Marked a sharp acceleration of +870bps, reaching -1.3% YoY.
Card Insights Disclaimers:
- All data is aggregated, anonymized, and intended only as a rough indicator for DIY R&R activities.
- The data does not reflect Citi’s overall credit card population and can be influenced by the bank's card business performance.

Year-Over-Year Forecasts

Citi predicts overall R&R industry spending to remain "flattish" in 2025, lower than the January expectation of ~3% growth.
DIY and pro customers show diverging trends: pro categories (like gypsum, concrete, and siding) remain strong at HD; DIY is still soft from subdued demand for discretionary projects.

Data Methodology

The data captures only a subset of Citi credit card transactions across categories like construction materials, forest products, homebuilding, real estate services, and home improvement/home furnishing retail.
It serves as a leading indicator for DIY R&R spending, with a weighting toward do-it-yourself consumer behavior over professional projects.