Consumer Appliances: Half-Year Update H1 2023

June 2023

Companies face numerous challenges in 2023 after recent record-breaking sales. They include weakened demand, high interest rates on debts, and tighter consumer credit conditions. Elevated inventory levels are also of concern.

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Key Findings

High interest rates and housing market slowdown

Consumers are facing a high-interest and unpredictable economic environment; many are cutting back on appliances purchases. A slowing housing market also means that new appliances are not being bought as often. Our major appliances forecast remains unchanged. Adjustment in our forecast is driven by an uptick in expected small appliances sales.

Popular stay-at-home appliances continue to grow

Appliances that were popular during the stay-at-home period continue to sell well. Upright vacuum cleaners saw increased uptake in the Asia Pacific region. With experts predicting a heatwave in some areas globally this summer, sales of air conditioners have also seen an upward adjustment.

Changing EMEA competitive landscape

In January 2023, Whirlpool and Arçelik announced that they were creating a new stand-alone business in the European appliances sector. Whirlpool also agreed to sell its Middle East and Africa business to Arçelik. Whirlpool will continue to own and operate its small appliances products, including KitchenAid. If this deal goes through, leadership in the European appliances space will change.

Matter appliances are being launched

Matter-compatible appliances are being announced, with Samsung being one of the first companies to announce that its Family Hub fridges will support Matter. Other companies are expected to follow.

 

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Scope
About this briefing
Key findings
Adjusted growth of major and small appliances segments diverges
Key factors impacting sales of consumer appliances
Dishwasher sales have been impacted by the housing market
Consumers are getting ready for predicted summer heatwaves
Robotic vacuum cleaners continue to be popular among consumers
Light fryers continue to sell well, driven by increased air fryer sales
Inflation drivers have moderated: commodity and shipping costs have come down
Whirlpool expects inflation to moderate in 2023
Whirlpool exits its EMEA operations – regional rankings will change in 2024
Matter-compatible appliances announced, opening a new phase of smart homes
2023 Outlook
Global baseline outlook: Improved growth in an increasingly multi-speed global economy
Global inflation moderates only gradually as price pressures show signs of persistence
Real GDP annual growth forecasts and revisions from last quarter
About Euromonitor International’s Forecast Model (1)
About Euromonitor International’s Forecast Model (2)
About Euromonitor International’s Macro Model
Consumer appliances data and reporting timeline

Consumer Appliances

Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.

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