Table of Contents
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Total US sales and fan chart forecast of major household appliances, at current prices, 2015-25
- Impact of COVID-19 on major household appliances
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on major household appliances, March 2021
- Opportunities and Challenges
- Long purchase cycles become more prominent
- Maintain engagement by focusing on post-pandemic lifestyle needs
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- Figure 3: Appliance usage frequency, December 2020
- Get in the circle of trust by being creative and streamlining shopping process
The Market – Key Takeaways
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- Down economy will hinder expected growth
- Housing and home renovation trends bode well for future market
- New ways of interacting with appliances, shopping
Market Size and Forecast
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- Pandemic lift short-lived
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- Figure 4: Total US sales and fan chart forecast of major household appliances, at current prices, 2015-25
- Figure 5: Total US sales and forecast of major household appliances, at current prices, 2015-25
- Learnings from the Great Recession
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- Figure 6: Consumer spending on household appliances, monthly, 2006-10
Market Factors
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- Kinks in the supply chain
- Home ownership steadily climbs into 2021
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- Figure 7: Homeownership rate for the United States, percent, quarterly, not seasonally adjusted, 2007-20
- Shrinking number of households with children will impact future of category
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- Figure 8: US households, by presence of related children, 2008-18
- Brand spotlight: LG Electronics
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- Figure 9: LG Electronics US, November 2020
Market Opportunities
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- Advance guided cooking trend to offset fatigue, create connection
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- Figure 10: GE Smart Range Hood, May 2020
- Address wellness-orientated concerns
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- Figure 11: Mintel global trend driver, Wellbeing
- Go in on AI
- Create digital shopping experiences
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- Figure 12: Apple AR shopping tools
Companies and Brands – Key Takeaways
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- Retailers evolve to meet digital shopping surge
- Smart and small: the future appliance market
- Design becomes a stronger factor as homes mirror identity
Competitive Strategies
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- Retailers and brands adapt to new shopping expectations
- The online shopping experience
- Shopping safely in-store
- Refine rather than reinvent the smart appliance wheel
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- Figure 13: Select smart appliance behaviors and attitudes, by generation, parental status, December 2020
- Major appliances make moves to minimize small appliance threat
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- Figure 14: Shift in small cooking appliance usage instead of oven/range, January 2020–December 2020
- Brands embrace custom aesthetic trend
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- Figure 15: Mintel Global Trend Driver, Identity
- Figure 16: Samsung US BESPOKE line, January 2021
- Empower and focus on the people rather than the product
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- Figure 17: Mintel Global Trend Driver, Rights
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- Figure 18: KitchenAid campaign, November 2020
The Consumer – Key Takeaways
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- Lift in purchase intent driven by younger demographics
- Pandemic created new appliance usage occasions
- Purchase drivers beyond replacement gaining in popularity
- Meet consumers where they are: online
- Show them the details
- Redefined value in home expands to appliances
Appliance Ownership and Intent to Purchase
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- Slight uptick in purchase intent
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- Figure 19: Appliance ownership, December 2020
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- Figure 20: Intent to purchase appliance, January 2020 and December 2020
- Millennials, parents are central to future sales growth
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- Figure 21: Intent to purchase appliance, by generation, parental status, December 2020
Appliance Usage Frequency
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- Elevated time at home creates more usage occasions
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- Figure 22: Appliance usage frequency, December 2020
- Focus on family, simplifying life to maintain momentum for parents
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- Figure 23: Appliance usage frequency – More often, by parental status, December 2020
- Highlight cost savings to reach the budget conscious
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- Figure 24: Select appliance usage frequency – More often, by current financial situation, December 2020
Appliance Purchase Drivers
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- Updates becoming more prominent purchase driver
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- Figure 25: Appliance purchase drivers, January 2020 and December 2020
- Millennials looking to upgrade appliances
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- Figure 26: Select appliance purchase drivers, by generation, December 2020
- Dads take lead role in purchases
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- Figure 27: Select appliance purchase drivers, by parental status (presence of children under 18) by gender, December 2020
Appliance Purchase Channel and Location
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- Rethink the purpose of the store
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- Figure 28: Purchase channel for major household appliance, November 2017, December 2018 and December 2020
- Home improvement retailers far outpace other retailers
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- Figure 29: Major household appliance purchase location, December 2020
- Home improvement retailers losing young shoppers to mass, online
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- Figure 30: Mintel Global Trend Driver, Experiences
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- Figure 31: Select major household appliance purchase location, by generation, December 2020
- Convenience influences where urban dwellers, renters shop for appliances
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- Figure 32: Major household appliance purchase location – Online only retailer, by living location, December 2020
Appliance Shopping Attitudes and Behaviors
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- Current attitudes toward online shopping support trend longevity
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- Figure 33: Appliance shopping attitudes and behaviors, December 2020
- Social strategies can fuel commerce among key shoppers
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- Figure 34: Select appliance shopping attitudes and behaviors, by generation, parental status, December 2020
- Choose your platforms wisely
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- Figure 35: Select appliance shopping attitudes and behaviors, by select social media sites visited weekly, December 2020
Appliance Behaviors and Attitudes
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- The simple life: features that streamline tasks garner strong interest
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- Figure 36: Appliance behaviors and attitudes, December 2020
- Help support Millennials’, parents’ evolving lifestyle needs
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- Figure 37: Select appliance behaviors and attitudes, by generation, parental status, December 2020
- Brand spotlight: Whirlpool Chore Club
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- Figure 38: Whirlpool Instagram, April 2020–January 2021
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 39: Total US retail sales and forecast of major household appliances, at inflation-adjusted prices, 2015-25
- Figure 40: Total US retail sales of major household appliances, by segment, at current prices, 2015-25
- Figure 41: Total US retail sales of major household appliances, by segment, at current prices, 2018 and 2020
- Figure 42: Average household spending on major household appliances, 2015-20
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