Household expenditure on household appliances in the US has shown consistent growth from 2013 to 2023. The expenditure stood at 101.01 Billion US Dollars in 2023, reflecting a notable increase over the previous decade. The year-on-year variation experienced peaks and troughs, with significant growth noted particularly in 2021 at 17.66%, which can be partly attributed to increased demand for home appliances during the pandemic. Over the past five years, the compound annual growth rate (CAGR) has averaged at 7.68%, signifying robust growth in this sector.
Looking forward, from 2024 to 2028, the forecasted data suggests a continued increase, with a 5-year forecasted CAGR of 4.09% and an overall growth rate of 22.18% over this period. This indicates sustained, albeit slightly decelerating, growth in household expenditure on appliances.
Future trends to watch for include the impact of technological advancements, increasing consumer preference for energy-efficient appliances, and potential economic fluctuations that may influence consumer spending habits. Market players should also monitor shifts in consumer behavior, particularly post-pandemic adaptations and the integration of smart home technologies.
