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Home Depot CFO Explains How It Services Millennials

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Home Depot CFO Explains How It Services Millennials

While many assume millennials are lazy and entitledHome Depot Inc (NYSE: HD) CFO Carol Tomé says the demographic group made up the largest group of first-time homebuyers last year.

Millennials Are Customers Too

The reputation of millennials living with their parents indefinitely is countered with an interesting statistic Tomé told CNBC's Jim Cramer on Monday. Thirty-three-year-olds bought more homes in 2018 compared to any other age group and are approaching homeownership as an investment.

A young demographic group willing to invest in home improvements and renovation is "music to our ears," Tomé told Cramer.

Home equity values, that is the spread between a property value and what a homeowner owns, more than doubled in the past decade alone, the executive said. Homeowners, especially young ones, are busy undertaking major projects because they "feel their home is an investment."

Entrepreneurial Spirit

Despite a market cap north of $200 billion and a global presence, Home Depot executives continue to work with an "entrepreneurial spirit," she said. Instead of sitting back and leveraging its existing footprint, management is constantly trying to anticipate "customer needs, wants and desires."

"We are going to make it easier for you to get what you need," Tomé said.

The job market is defined as a "war on talent" with an emphasis on information technology professionals, Tomé said. This prompted the company to reach out to its own employees and teach them how to code.

"It's really cool to create careers at The Home Depot and this is what we do -- we create careers," she said. "These aren't jobs."

Related Links

Survey: Millennials Still Struggling With Financial Independence

A Consumer Cyclical ETF Hitting On All Cylinders

Posted-In: Carol Tome CNBC homebuyers Jim Cramer millennialsMedia Best of Benzinga

 

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