Refrigeration appliances experienced an acceleration in growth in the first year of the pandemic as consumers sought more storage space for food. Once the initial lockdown was announced consumers rushed to stores to stock up with food, fearing there would be shortages.
Freestanding electric wine coolers/chillers will remain the fastest growing category in refrigeration appliances in 2021 in terms of both retail volume and current value sales. Wine consumption has significantly grown during the COVID-19 pandemic as consumers have had to resort to entertaining themselves at home given the social restrictions and fears of contracting the virus.
Premium products, such as high-end fridge-freezers, saw less demand than mid-priced and economy models during the pandemic as the instability arising from COVID-19 and concerns regarding the future in terms of jobs and finances, impacted consumers’ product choices. With their confidence substantially reduced, they instead prioritised essential purchases such as food over high-ticket appliances.
Whilst higher growth is expected in 2022, the rate of growth is gradually expected to weaken over the forecast period as consumers no longer panic about having enough space for bulk-bought food. However, household penetration will remain high as many consumers replaced their refrigeration appliances during the pandemic and now value having extra food storage space.
In terms of exports, which have a very important role in shaping consumer appliances, the weaker local currency which resulted from COVID-19 may help the category achieve a faster recovery. This is because retailers in other countries will be keen to make greater profits off the favourable exchange rates.
Over the forecast period, major category players are expected to compete aggressively to secure new sales via new product development and active marketing and promotional campaigns to boost awareness of their brands and products. Apart from Whirlpool, which has extended its lead in refrigeration appliances during the pandemic, there is little separating the next few players.
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Refrigeration appliances considers built-in and freestanding major appliances in the following categories: fridge freezers, fridges, freezers and electric wine coolers chillers.See All of Our Definitions
This report originates from Passport, our Refrigeration Appliances research and analysis database.
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