As any savvy shopper knows, one of the best ways to save money is to take advantage of price matching policies at major retailers. And when it comes to home improvement supplies, few stores are as popular as Lowe‘s and Costco. But can you actually price match Costco at Lowe‘s? And if so, how do you go about it?
In this comprehensive guide, we‘ll dive into everything you need to know to become a price matching pro. We‘ll compare Lowe‘s and Costco head-to-head, break down the price matching process step-by-step, and reveal expert insights and data-driven tips to help you maximize your savings. Let‘s get started!
Lowe‘s vs. Costco: How Do They Compare?
Before we get into the specifics of price matching, let‘s take a closer look at how Lowe‘s and Costco stack up as retailers. Here‘s a quick overview:
| Category | Lowe‘s | Costco |
|---|---|---|
| Type of Store | Home improvement retailer | Membership-based wholesale club |
| Number of Locations | 2,200+ | 800+ |
| Typical Price Point | Moderate | Low |
| Selection | Wide variety of home improvement items, appliances, tools, etc. | Bulk sizes of groceries, household essentials, select home goods |
| Services | In-store associates, installation services, truck rentals | Tire services, optical center, photo center, travel bookings |
| Membership Required? | No | Yes |
As you can see, while both retailers sell some similar products, they have quite different business models. Lowe‘s specializes in home improvement and offers a wide range of items and services to help with projects. Costco, on the other hand, focuses on selling bulk items at low prices to its members.
One key difference is that Costco requires an annual membership to shop there, while Lowe‘s is open to the general public. This means that Costco can offer exclusive discounts to its members that may not be available elsewhere.
Lowe‘s Price Match Policy: The Key Details
So, does Lowe‘s price match Costco? The short answer is yes! Lowe‘s offers a comprehensive price match guarantee that includes matching prices from Costco both in-store and online.
Here are the key details of Lowe‘s price match policy:
- Lowe‘s will match the price of any local or online competitor on identical items
- The item must be in stock and available for purchase from the competitor
- You must provide proof of the lower price (via an ad, printout, or website)
- Price matches can be requested at the time of purchase or within 30 days after purchase
- Lowe‘s will match the price plus an additional 10% off for in-store purchases
- Online price matches will receive the lower price with no additional discount
It‘s important to note that Lowe‘s does have some exclusions to their price match policy. These include:
- Items that are on clearance, discontinued, or liquidation
- Special order items or those not sold at Lowe‘s
- Professional services and installation costs
- Misprinted or expired prices
- Prices that require a membership to access
In general, as long as you‘re comparing identical items that are currently available for purchase, Lowe‘s will honor a price match to Costco.
How to Price Match Costco at Lowe‘s: A Step-by-Step Guide
Now that we‘ve covered the basics of Lowe‘s price match policy, let‘s walk through the process of actually getting a price match to Costco. Here‘s a step-by-step guide:
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Research Costco‘s price on the item you want to purchase. You can check Costco‘s website or visit a local warehouse to find the current price.
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Verify that the item is identical to what Lowe‘s sells. Compare the brand, model number, size, color, and any other relevant specifications.
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Make sure the item is currently in stock and available for purchase at Costco.
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Obtain proof of Costco‘s price. This could be a printout of the website, a photo of the in-store tag, or a digital version of Costco‘s ad.
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Visit your local Lowe‘s store or go to Lowes.com to purchase the item.
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At checkout, inform the associate that you have a price match request to Costco. Show them the proof of Costco‘s lower price.
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The associate will verify the price match and adjust the cost of your item to match Costco‘s price.
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For in-store purchases, you‘ll also receive an additional 10% off the matched price as a bonus!
If you‘re price matching an online purchase from Lowes.com, the process is similar. You‘ll need to contact Lowe‘s customer service via phone or chat to request the price match. They‘ll verify Costco‘s price and adjust your order total accordingly.
Real-World Examples and Data on Price Matching
To get a sense of how much you can actually save by price matching Costco at Lowe‘s, let‘s look at some real-world examples and data.
According to a 2020 survey by Consumer Reports, 43% of shoppers said they had used a price match guarantee in the past year. Of those who did, 60% reported saving money, with the median savings being $23 per match.
Here are a few specific examples of items that shoppers have successfully price matched from Costco at Lowe‘s:
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A Dewalt 20V MAX cordless drill kit, priced at $349 at Lowe‘s but only $299 at Costco. Price matching plus the 10% discount brought the final price down to $269.10.
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A Kohler Wellworth toilet, priced at $199 at Lowe‘s but on sale for $139 at Costco. The price match plus 10% brought the final cost to $125.10.
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A Dyson Ball Animal 2 upright vacuum, priced at $499 at Lowe‘s but $399 at Costco. Price matching plus 10% resulted in a final price of $359.10.
As these examples show, the savings from price matching can really add up, especially on big-ticket items. And according to retail experts, this is all part of Lowe‘s strategy.
"Price matching is a way for retailers to show they‘re competitive on price without necessarily having the lowest prices all the time," says Steve Pasierb, president and CEO of retail analytics firm The NPD Group. "It‘s a way to keep customers loyal and coming back."
The Psychology of Price Matching
So why do retailers like Lowe‘s offer price matching in the first place? It all comes down to consumer psychology.
Studies have shown that price is one of the top factors influencing purchase decisions. In fact, a study by the National Retail Federation found that 87% of shoppers say price is "very important" or "extremely important" when deciding where to shop.
But price matching takes this a step further by tapping into a psychological principle known as the "framing effect." This states that how information is presented (or "framed") can greatly impact our decisions.
In the case of price matching, the retailer is essentially framing themselves as being price-competitive, even if they don‘t always have the lowest prices. By matching Costco‘s prices, Lowe‘s is sending a message that they‘re willing to go toe-to-toe with the low-price leader. This makes shoppers feel like they‘re getting a good deal, even if they could have saved a bit more by shopping at Costco directly.
Price matching also plays into our natural aversion to loss. Research has shown that people feel the pain of losing money more intensely than the joy of gaining it. So by offering to match a lower price, retailers like Lowe‘s are alleviating the fear of overpaying and missing out on potential savings.
The Bottom Line
At the end of the day, price matching is a powerful tool for savvy shoppers looking to get the best possible deals. And when it comes to home improvement supplies, Lowe‘s and Costco are two of the top contenders.
By taking advantage of Lowe‘s price match policy and comparing prices with Costco, you can ensure you‘re always getting the lowest price on the items you need. Whether you‘re a frequent Costco shopper or just looking to snag a one-time deal, it‘s always worth checking to see if Lowe‘s can match or beat their price.
Of course, price matching is just one piece of the puzzle when it comes to maximizing your savings. Be sure to also look for coupons, seasonal sales, and special promotions to stack your discounts. And don‘t forget the power of negotiation – sometimes simply asking for a lower price can yield surprising results.
By combining smart shopping strategies with a deep understanding of retailer price matching policies, you can stretch your home improvement budget further than you ever thought possible. So go forth and match those prices with confidence – your wallet (and your home) will thank you!
