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Household Appliances in the United States Volume 2: Electric & Gas Stoves & Ranges
Mintel, May 2005, Pages: 110
The $5.6 billion cooking appliance market includes stoves and ranges (gas and electric), and microwave ovens. This report covers the period from 1999 through February 2005. During this period, numerous step-up features have gained popularity by consumers’ increasing interest in convenience, time efficiency, and style. Features that save consumer’s time include the easy cleaning allowed by smooth-top ovens and the faster baking offered by convection ovens and speed ovens. Other popular improvements include dual-fuel ranges, which offer gas cooktops with electric ovens, and separate cooktops in combination with wall ovens. Other consumer concerns driving sales are the desires for a more integrated and professional looking kitchen, and appliances that offer shorter cooking times and easier clean up.
While the majority of the market’s purchases are “distress” purchases, made when their old machine breaks, we find that 38% of buyers upgrade from a functioning machine. The majority of upgrades from a functioning machine are the result of either home moves or home remodeling. Moving homes is vital to the cooking appliance market. We find that 36% of people who moved to a new home in the last 12 months purchased a new microwave, 38% purchased a new electric stove or range, 17% purchased a new gas stove or range, and 9% purchased a new convection oven. The housing boom of 2002 through 2004 contributed greatly to the market.
As a result of the housing boom and new product offerings, the market grew 9% in constant prices. If higher levels of growth are to be achieved, more current owners must be convinced to upgrade from a working appliance, even if they are not moving homes. This report explores the hypothesis that with the decline in cooking by consumers corresponding with a heightened interest in the home, styling provides the potential for increased growth in the market.
This report focuses on the domestic U.S. market for gas ranges, electric ranges, convection ovens and microwaves. Gas ranges and electric ranges include freestanding, built-in, and surface cooking units. Microwaves include both countertop and over-the-range models. Excluded from this report are contract sales, second-hand appliances, and rental appliances.
This report does not include a review of the retail environment. Instead, we are devoting an entire report to the subject of Household Appliance Retailing, publishing in July 2005.
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