LONDON, May 7, 2018 /PRNewswire/ -- Summary
Major Kitchen Appliances(MKA) market revenue is set to sustain decent growth over the next five years, as the essential nature of goods means shoppers have no choice but to replace broken products, or purchase new goods when moving into new homes.
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Moreover, inflation in the electricals market has significantly impacted MKA, with almost all brands introducing considerable cost price increases in late 2016 and early 2017.Although this will would've led to some consumers delaying the replacement of goods and prevented some from upgrading, over 55% of MKA shoppers who made a purchase to replace a broken item would have no choice but to pay these inflated prices.
The market is set to grow by over 14% over the next five years as vital replacement purchases drive sales. Moreover, with the economy forecasted to improve from 2020 onwards, shoppers will be in a better position to trade up their MKA purchases.
The built-in market is set to outperform the overall MKA market over the next five years.This comes as the trend towards minimalist modern kitchens continues, with more than 34% of consumers who purchased these appliances over the last year doing so as they believe them to be more stylish.
These appliances will also appeal to the growing number of consumers moving into smaller properties, with over 21% of those who bought built-in appliances doing so to save space in their kitchen.
The "Major Kitchen Appliances 2018", report offers comprehensive insight and analysis of the major players, the main trends, and consumer attitudes. It provides in-depth analysis of the following: the hot issues impacting the market, key trends, retailer and brand comparisons, retailer case studies, and consumer data.
Key take-aways from the report -
- AO.com is forecast to grow its market share by 0.7ppts over the next year. It stands out from other MKA players, offering the most comprehensive delivery options, price matching all major players and even offering a transactional app that allows the shopper to track their delivery; ensuring shopping with AO.com is as convenient as possible.
- Almost half of the shoppers who made a MKA purchase in the last year did so on promotion and 38.1% of shoppers stated they would only buy an MKA if it was on offer.
- Due to shrinking disposable incomes, shoppers are becoming much more considered in their approach to spending, taking longer to research prior to buying. 85.2% (vs. 77.2% last year) of MKA consumers undertook research, with the majority of shoppers (80.9%) conducting research online before purchase.
Companies Mentioned: Argos, ASDA, AO.com, Dixons Carphone, John Lewis, IKEA, Homebase/ Bunnings, B&Q, Tesco, Shop Direct, Euronics, Magnet
Scope
- AO.com is forecast to grow its market share by 0.7ppts over the next year. It stands out from other MKA players, offering the most comprehensive delivery options, price matching all major players and even offering a transactional app that allows the shopper to track their delivery, ensuring shopping with AO.com is as convenient as possible.
- Almost half of the shoppers who made a MKA purchase in the last year did so on promotion and 38.1% of shoppers stated they would only buy an MKA if it was on offer.
- Due to shrinking disposable incomes, shoppers are becoming much more considered in their approach to spending, taking longer to research prior to buying. 85.2% (vs. 77.2% last year) of MKA consumers undertook research, with the majority of shoppers (80.9%) conducting research online before purchase.
Reasons to buy
- Understand how much of a threat AO.com is to your company and gain a better understanding of its strategy over the next five years.
- Receive detailed analysis of key market players, their market shares and changes, and consumer penetration by demographic and region.
- Understand shoppers' purchasing habits and preferences within MKA, and what influences their decisions to purchase built-in appliances versus free-standing appliances.
Download the full report: https://www.reportbuyer.com/product/5390550
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