Appliances Market 2023 Presentation

Household Financial Woes Depress Appliance Sales

• With two-thirds (66%) of the surveyed consumers participating in Jungle Scout’s Q3 2023 Consumer Trends Report stating they are “worried about finances,” especially among lower- and middle-income households, appliance sales have been steadily decreasing.
• The US Bureau of Economic Analysis reports Q3 2023 “personal consumption expenditures” for household appliances decreased 3.0% YOY. Expenditures for major household appliances decreased 4.0% YOY but small electric household appliances increased 4.0% YOY.
• Q4 2022 retail sales at “household appliance stores” (NAICS 443141) decreased 0.03% YOY, but then decreased 3.9% YOY during Q1 2023 and another 8.4% YOY during Q2.

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