Market Trends of United Kingdom Major Home Appliances Industry
This section covers the major market trends shaping the UK Major Home Appliances Market according to our research experts:
Increase in Consumer Spending on Major Home Appliances
Consumer spending on home appliances in the United Kingdom has increased substantially over the years. In 2019 the consumer spending for the year was 8,762 GBP million and increased to 12.11% y-oy-y. It is observed that the consumers on average spend 3.7 GBP on household appliances.
On the other hand factors such as lowering the bank rate (from 0.75% in early March to 0.10% in Mid march) by the Bank of England in the month of March are further expected to increase the demand for major appliances in the nation as it has lowered the borrowing costs for the people in the short term.
Increasing Household with Washing Machines in the United Kingdom
The washing machines sales in the United Kingdom is mainly driven by new innovations in the market and buoyant housing market and growth in housing number. The diffusion rate of washing machines in the United Kingdom has been between 97-98% in the past few years. Almost all of the households in the United Kingdom have appliances operating on electricity.
The country saw a rise in imports of the washing machine which is nearly around 4 million every year. According to the study, the washing machines sales in the United Kingdom are expected to drive by replacement by the users and first time washing machine buyers are also expected to increase in the market. However, tumble dryers have low penetration when compared to washing machines which can offer a great opportunity for the new brands and manufacturers.
