Shopping for Major Appliances - US - March 2015
"The major appliance market has rebounded in recent years, driven by improvement in the overall economy and in the real estate and home renovation markets. Low prices remain an essential part of the major appliance shopping process, but a variety of other factors come into play as well and provide retailers with opportunities to set themselves apart. Shoppers consult an increasingly wide array of information sources both online and off, but a strong, well-informed in-store sales team remains essential to closing the deal."
- John Owen, Senior Analyst, Household
This report covers the following areas:
- Replacement most common motivation, but other factors represent opportunities for growth
- Remodeling continues to trend higher
- For 25-44s, trade-ups and multiple appliance purchases boost amount spent
- Personal touch: Amid wider array of info sources, salesperson still plays key role
- Beyond price: Focus on selection and service
- Omnichannel experience: Integrate in-store and online]
While major appliance purchasers cite a variety of reasons for buying new appliances, the replacement of a broken-down machine is by far the most common reason, providing a relatively steady base of sales for the market. To increase sales and share beyond this base level, manufacturers and retailers must exploit and encourage other motivations.
While the hunt for low prices is an undeniably important part of the major appliance shopping process, other factors, including brand selection, location, and a reputation for service, are equally important and provide retailers with opportunities to set themselves apart and build business. In addition, while shoppers consult an increasingly wide array of information sources both online and off, a strong, well-informed in-store sales team remains essential to closing the deal.
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