From 2013 to 2023, Canada's household expenditure on household appliances has shown a consistent upward trend, growing from CAD 7.34 billion to CAD 13.69 billion. Between 2019 and 2023, expenditures surged notably, particularly during 2020 and 2021, with annual growth rates of 13.87% and 17.32% respectively. The compound annual growth rate (CAGR) over the last five years stands at 7.75%, reflecting robust growth.
Looking ahead, the forecast suggests a more moderate yet continued increase in expenditure, with a projected CAGR of 3.86% from 2024 to 2028, culminating in CAD 17.48 billion by 2028. This translates to an overall forecasted growth rate of 20.86% over these five years.
Future trends to watch for include:
- Advances in smart home technologies driving appliance upgrades
- Increased consumer focus on energy-efficient and eco-friendly products
- Potential market fluctuations due to economic conditions and inflation
- Impact of global supply chain dynamics on appliance availability and pricing.
