US Major Household Appliances Market Report 2023
$4,995 (Excl.Tax)
$4,995 (Excl.Tax)
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 summarize the key topics covered and offer handpicked insights from the report.
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.
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 capitalize on.
Having multiple children at home is a strong indicator of prioritizing 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.
While homes in the US are still getting bigger, the rapidly aging 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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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
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