In 2023, small appliances witnessed modest growth, mainly driven by the replacement of products purchased during the pandemic. The response to COVID-19 had a habit-forming impact on many consumers, who have become used to making coffee at home using espresso machines and enjoying the convenience of a robotic vacuum cleaner. Many of these appliances are now an integral part of a consumer’s home. However, growth was weaker than predicted, as high interest rates and inflation resulted in reduced disposable incomes.
The major consumer appliances market saw a challenging 2023 in volume sales terms as consumers continued to scale back amid inflation and economic uncertainties. However, industry innovations kept many interested, helping keep the major appliances market healthy in terms of value.
Post-pandemic, consumers are cleaning less often, shifting from daily routines to cleaning only when necessary, a trend known as "Occasion Cleaning." Furthermore, household sizes are decreasing globally due to stagnant population growth, diminishing the demand for regular deep cleaning and impacting the utilisation of home care products and appliances.
Heat pumps are the low-carbon heating and cooling systems of the future. The EU has identified them as a sustainable solution to reach its goal of energy independence and decarbonisation. In the long term, heat pumps have the potential to replace air conditioners and boilers, becoming the all-in-one air treatment appliance.
Despite its hefty price tag and a lack of support from established content providers like Netflix, Spotify and YouTube, early sales of Apple Vision Pro appear to be positive given how quickly shipping times started lengthening. While it remains to be seen whether Apple will be able to sustain this early demand, the company can bank on its strong ecosystem to satisfy the demand from early adopters, who are usually hardcore Apple fans.
This blog delves into how sustainability has emerged as a pivotal opportunity for consumer appliance manufacturers to resonate with consumers amidst a cost-of-living crisis, emphasising energy efficiency, food waste solutions, and packaging recycling.