US Major Household Appliances Market Report 2023
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This US home appliance industry report covers clothes washers and dryers, refrigerators, freezers, ovens, cooktops, and microwaves. Inside you’ll find complete coverage of market and segment performance, along with consumer trends and relevant opportunities for brands.
Below, we summarise the key topics covered and offer handpicked insights from the report.
Key Topics Covered
- US major home appliance market size and forecast.
- Key innovations and market opportunities.
- Incidence of appliance ownership and intent to purchase.
- Purchase drivers and sales channels.
- Attitudes towards major household appliances.
US Major Household Appliance Market Overview
The US major home appliances market is experiencing a period of historic inflation, with market growth being driven in part by accelerating replenishment cycles and innovation renaissance. Over the next five years, home appliance market growth is projected to add $25.7 billion to reach $86.5 billion by 2027. However, this growth rate is significantly lower when adjusted for inflation, which is explored in the full report.
Consumer Trends for Major Home Appliances in the US
Consumers aged 25-44 are key drivers for ecommerce growth, and should be the prime target for retailers wanting to expand their ecommerce presence. Being both cost-conscious and tech-savvy, this age group represents the largest segment of first-time home buyers, and therefore first-time home appliance buyers. This age group buys appliances online more relative to other age groups and the total population, and this is something brands can capitalise on.
Having multiple children at home is a strong indicator of prioritising new features when buying home appliances. This is especially true compared to those with high incomes, with almost a third of parents with three or more children saying that they bought their last appliance for newer features, compared to 21% of the total survey pool and a similar percentage of those with household incomes over $75K.
Opportunity for Brands
While homes in the US are still getting bigger, the rapidly ageing population is driving a downsizing trend, and this will only continue in the coming decades. Smaller homes require smaller appliances, but consumers still want the same smart features. The opportunity here comes in making appliances more affordable, therefore making new homes more accessible to young prospective homeowners emerging from a period of deep financial strain.
Find a deep exploration of US home appliance market opportunities in the full report. Looking for something else? Explore our extensive library of Electrical Goods Market Research.
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Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis from a Household Specialist
This report, written by Jamie Rosenberg, a leading household analyst, delivers in-depth commentary and analysis to highlight current trends in the major household appliance market, adding expert context to the numbers.
The impact of inflation on the major household appliance market is both profound and complex. Many low-income consumers are delaying upgrades, but for 54% of buyers, breakdowns are the biggest purchase driver. When that happens, demand is relatively inelastic. When we add the impact of mid- to upper-income consumers who are still unleashing pent-up demand from supply constraints over the past three years, we have a market growth rate that is well above normal. Looking ahead, connected appliance innovations that create a convergence of reduced operating costs, and enhanced performance, convenience and sustainability will drive a new wave of trading up that keeps market growth high over the next five years.
Jamie Rosenberg
Associate Director, Global Household and Personal Care
Collapse All
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top takeaways
- Consumer trends
- Competitive strategies
- Figure 1: Interest in appliances that simplify tasks and ownership rate for smart appliances, by age and income, 2023
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- Figure 2: Celcy’s countertop smart oven/freezer combo
- Figure 3: Beko’s HarvestFresh crisper
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- Figure 4: LG’s MoodUp concept fridge and consumers who upgraded to stay current with appliance design trends, by generation, 2022
- Market predictions and opportunities
- Market Overview
- Figure 5: Total US sales and fan chart forecast of market, at current prices, 2017-27
- Figure 6: Category outlook, 2023-28
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Market Size and Forecast
- Easing shortages, inflation and an innovation renaissance boost growth
- Figure 7: Total US sales and fan chart forecast of market, at current prices, 2017-27
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- Figure 8: Total US retail sales and forecast of major household appliances, at current prices, 2017-27
- Figure 9: Total US retail sales and forecast of major household appliances, market growth rate, at current prices vs inflation-adjusted prices, 2017-27
- Easing shortages, inflation and an innovation renaissance boost growth
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Segment Performance
- Inflation drives value, but safety concerns drive gas stove replacement
- Figure 10: Total retail sales and forecast of major household appliances, by segment, at current prices, 2017-27
- Figure 11: Total US retail sales of major household appliances, by segment, at current prices
- Inflation drives value, but safety concerns drive gas stove replacement
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Market Drivers
- Indoor air quality research puts gas stove/oven makers in an awkward spot
- Figure 12: Percent of US homes with gas vs electric stoves, 2020
- Inflation shows signs of easing
- Figure 13: Consumer price Index, 2007-23
- Consumer confidence takes a hit due to recession fears
- Figure 14: Consumer Sentiment Index, 2007-23
- Figure 15: Consumers who bought an appliance for new features, vs those who are waiting for prices to decline
- Indoor air quality research puts gas stove/oven makers in an awkward spot
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Competitive Strategies and Market Opportunities
- Inflation puts enhanced food freshness in the spotlight
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- Figure 16: Bosch 800 Series Smart refrigerator with AirFresh technology, and Beko’s HarvestFrish crisper
- Contents revealed: the evolution of seeing inside the fridge
- Figure 17: LG InstaView Door-in-Door refrigerator lets owners simply knock twice to see what’s inside
- LG has introduced a color-changing fridge
- Figure 18: LG’s MoodUp concept refrigerator
- Figure 19: Consumers who upgraded to stay current with appliance design trends, by generation, 2022
- Ovens expand camera use
- Figure 20: Samsung’s Bespoke AI Wall Oven
- New smart washers deliver speed, sustainability and clothing longevity
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- Figure 21: Miele Smart WXD and LG Smart WIFI with TurboWash
- Celcy delivers convenience with a freezer and oven in one
- Figure 22: Celcy’s countertop smart oven/freezer combo
- Opportunity: Push the envelope of low-energy heating and cooling
- Figure 23: Bosch’s 800 Series with CrystalDry and the zeolite that makes it possible
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The Major Household Appliance Consumer – Fast Facts
- Consumers are still unleashing pent-up demand
- Consumers spend less time in the kitchen
- Consumers are most likely to replace an appliance when it breaks
- Parents of multiple children most likely to prioritize new features
- Online shopping won’t pull back to pre-pandemic levels
- Consumers aged 25-44 are the “sweet spot” for ecommerce growth
- Deal-finding apps have strong relevance for appliance shopping
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Appliance Ownership and Intent to Purchase
- Household penetration remains unchanged
- Figure 24: appliance ownership and intent to purchase, 2023
- Income drives ownership of discretionary appliance categories
- Figure 25: ownership of “discretionary” appliance categories, by income, 2023
- Consumers are still unleashing pent-up demand
- Figure 26: Consumers who plan to replace selected categories of appliance, 2020-23
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- Figure 27: Major household appliance price-sensitivity, by age, income, and number of children, 2023
- Household penetration remains unchanged
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Appliance Usage
- Consumers spend less time in the kitchen
- Figure 28: Consumers who are using their appliances more often, 2020 vs 2023
- Young consumers most likely to be increasing usage
- Figure 29: Consumers who are increasing appliance usage, by appliance type and age, 2023
- Consumers spend less time in the kitchen
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Reasons for Purchase
- Consumers are most likely to replace an appliance when it breaks
- Figure 30: Reasons for buying major household appliances
- Parents of multiple children most likely to prioritize new features
- Figure 31: Reasons for buying major household appliances, by number of children and income, 2023
- Consumers are most likely to replace an appliance when it breaks
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Purchase Locations
- Online shopping won’t pull back to pre-pandemic levels
- Figure 32: Purchase locations for major household appliances, by year, 2023
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- Figure 33: Home Depot’s AR Viewer app
- Consumers aged 25-44 are the “sweet spot” for ecommerce growth
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- Figure 34: Appliance purchases, by channel and age, 2023
- Use emerging tech to enhance the ecommerce experience
- Figure 35: Consumers who won’t buy appliances unless they see them in person, by age, 2023
- Ecommerce consumers are more technology and design-forward
- Figure 36: Reasons for purchase by online/in store purchase, 2023
- Big box stores are losing status as the top sales channel
- Figure 37: Retailers shopped for major household appliances, 2023
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- Figure 38: Top retailers shopped for major household appliances, 2019-2023 (excluding 2020)
- Online shopping won’t pull back to pre-pandemic levels
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Economizing Attitudes and Behaviors
- Deal-finding apps have strong relevance for appliance shopping
- Figure 39: Cost-related attitudes and behaviors
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- Figure 40: Attitudes toward cost-saving tools
- Deal-finding apps have strong relevance for appliance shopping
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Shopping and Lifestyle Attitudes and Behaviors
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- Figure 41: Shopping attitudes and behaviors, 2023
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
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Appendix – The Market
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- Figure 41: Total US retail sales and forecast of major household appliances, at inflation-adjusted prices, 2017-27
- Figure 42: Total US retail sales and forecast of washers and dryers, at current prices, 2017-27
- Figure 43: US retail sales and forecast of washers and dryers, at inflation-adjusted prices, 2017-27
- Figure 44: Total US retail sales and forecast of refrigerators, freezers, and dishwashers, at current prices, 2017-27
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- Figure 45: Total US retail sales and forecast of refrigerators, freezers, and dishwashers, at inflation-adjusted prices, 2017-27
- Figure 46: Total US retail sales and forecast of ranges, ovens, cooktops, microwaves, at current prices, 2017-27
- Figure 47: Total US retail sales and forecast of ranges, ovens, cooktops, microwaves, at current prices, 2017-27
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