Steady growth forecast for home products
A new home products industry forecast from global information company The NPD Group reveals that the small home appliances and housewares markets will continue on the growth path they returned to in 2015.
Covering more than 100 small kitchen electrics, personal care appliance, home environment appliance, and housewares categories, NPD is forecasting a nearly 3% combined dollar sales increase for these industry segments in 2017 versus 2016.
Home environment appliances, which include floor care, will have the strongest growth this year, increasing dollar sales nearly 4%, followed by personal care appliances with three percent growth compared to 2016 results. Small kitchen electrics and housewares (non-electrics) are each forecast to grow two percent in 2017.
“The home products industry has entered a 5- to 10-year window in which it has the potential to see consistent annual growth in the U.S., based on the changes occurring in the demographics of the population,” said Joe Derochowski, executive director and home industry analyst at NPD. “While the environment is supportive of growth for the home industry, manufacturers and retailers will need to deliver innovative new approaches addressing consumer needs and wants, not just bells and whistles, in order to compete and capture consumer dollars.