Household expenditure on household appliances in Spain has experienced various fluctuations over the past decade. From 2013 to 2023, expenditure increased from 4.09 billion Euros to 5.64 billion Euros. Significantly, there was a sharp decline in 2020 with a -14.1% year-on-year variation, but subsequent years showed recovery, culminating in a 17.83% increase in 2021. Expenditure growth slowed from 2022 to 2023, recording a modest 1.7% increase. The CAGR over the last five years stands at 1.82%.
Forecasts indicate a steady increase in expenditure, reaching 6.11 billion Euros by 2028. Despite a lower forecasted five-year CAGR of 1.3%, the overall growth rate is projected to be 6.65% over this period.
Future trends to watch for:
- Technological advancements and smart home integration driving appliance upgrades.
- Increasing consumer awareness about energy efficiency potentially boosting sales of eco-friendly appliances.
- Impact of economic factors such as inflation and consumer purchasing power on spending behavior.
- Evolving consumer preferences towards premium and multifunctional appliances.
