Lowe’s CEO says consumers would rather spend money on travel or events than home repair

Lowe’s Cos. Inc. CEO Marvin Ellison says that consumers are prioritizing experiences over goods, impacting the company’s third-quarter results.

“Our results were driven by a greater-than-expected pullback in DIY discretionary spending, especially in bigger-ticket categories,” he said, during a conference call to discuss the results. “While we have seen a more cautious consumer for some time now, this quarter we saw some of these consumers increasingly prioritizing experiences over goods, spending on travel and entertainment.”…