Wall Street is warning that a drop in light bulbs could be bad for the economy, as the number of bulbs sold has been steadily declining for the past year.
In fact, the number fell by 2% in January, according to research firm IHS.
This year the number has been in a steady decline for more than a year, according a recent report by the Consumer Federation of America.
In January, for instance, the average price of a single light bulb was $8.42, down from $10.20 in 2015.
The reason the average is so low is that manufacturers are struggling to compete in a market dominated by retailers, who have a large percentage of the market, according the IHS report.
In February, the U.S. Energy Information Administration reported that the light bulb market dropped in 2017 for the first time since 2007.
It said that the drop in sales came after manufacturers switched to cheaper materials, including less-reflective plastics, which reduces the amount of light reflected back.
Lowe’s announced that it would cut the number it sells of the company’s lights in 2018, but it said it would increase the price of its lights and replace the bulbs with less-expensive alternatives.
Lowe said it will start selling LED lights next year and will gradually phase them out by 2022.
“We have decided to continue to make the switch to less-costly materials, such as polypropylene (PP), LED and polycarbonate, for our products in 2018,” the company said in a statement.
“This will result in a price increase for consumers as a result of reduced sales of our products.”
Lowe’s said it has already cut its number of light bulbs and replaced them with cheaper alternatives, including polycarbonates and plastic.
“The current market conditions have led to a drop from a peak of 8.2 million bulbs in 2018 to 2.3 million bulbs by 2021, and a decline of 2.7 million to 2 million bulbs per year in 2022,” the statement said.
The company said it is also reducing the number that it sells each year, which means it is cutting its supply by 2.4 million bulbs.
This means the average retail price of lighting is going to go down.
But the impact on the economy is far greater.
The Consumer Federation has argued that the loss of sales from bulbs will have a negative effect on the economic growth in the U, which will hurt the state’s budget deficit.
“Lowes has been selling the lights at prices well below what the market is willing to pay, which has had a negative impact on its bottom line,” the federation said in its statement.
Lowe is still selling some lights, however, and the company says it is trying to sell them at a competitive price.
In addition to reducing its lighting supply, Lowe is also working to cut its energy use, which is a key reason for its continued drop in bulbs.
It announced last week that it will use renewable energy to power about 70% of its lighting.