In 2023, the average expenditure per household on household appliances in Canada stood at $620 CAD. For the forecasted periods, the average expenditures are projected to be $631.45 in 2024, $642.53 in 2025, $653.39 in 2026, $664.03 in 2027, and $674.46 in 2028. The year-on-year growth rates for the forecasted periods are:
- 2024: 1.8%
- 2025: 1.8%
- 2026: 1.7%
- 2027: 1.6%
- 2028: 1.6%
The compounded annual growth rate (CAGR) from 2024 to 2028 is approximately 1.7%. This indicates a consistent and steady increase in household appliance expenditure over the next five years.
Future trends to watch for include advancements in smart home technologies and the increasing adoption of energy-efficient appliances, which are likely to drive higher household spending. Additionally, shifts in consumer preferences towards premium and sustainable products could further influence expenditure patterns.
