Are you monitoring the durable goods industry for growth and market changes?
TraQline is proud to deliver comprehensive product research and market data to help keep you informed, whether you’re looking to optimize your product matrix or track consumer market trends. Our 2023 Mid-Year Review of the consumer durables retail industry has led to notable insights. Discover them below.
Recent Consumer Durables Retail Sales Data
The U.S. Census Bureau recently released a report showing a third consecutive month of significant increase in orders for durable goods. According to the census report, orders for durable goods saw an overall increase of 2.3% in May. Product specific highlights include:
- Electrical equipment, appliances & components: 1.7% increase
- Other durable goods categories (furniture, mattress, OPE, etc.): 0.6% increase
- Computers & electronic products: 0.3% increase
Additionally, the Census Bureau more recently reported a fourth consecutive month of growth for retail sales.
Specifically, in July 2023, retail sales experienced a 0.7% increase, which also marked a 3.2% increase year-over-year. As highlighted by Forbes, this growth came in “well above expectations” and may highlight a decrease in the likelihood of a full recession.
Is an increase in durables orders a sign of economic growth?
Often, yes. By analyzing decades of comprehensive market data, we’ve determined that, given the longevity of durable goods products, an increase in orders can be a positive sign for the economy.
When more confident about the future, businesses and consumers are more likely to invest in big-ticket items such as appliances, furniture, computer equipment, and other durable goods products. This, in turn, can subsequently help to stimulate economic growth and create jobs.
Review TraQline’s research insights to discover other market trends.
2023 Mid-Year Report
Durables Market Trends & Retail Sales Data
Monitoring change within the consumer durables retail market industry does not stop at increases in sales.
Growth statistics are an inarguably valuable metric. However, to truly understand the impact of market shifts, we also need to understand our consumers, their preferences, and how that feeds into any increase or decrease in share.
To this end, TraQline recently released our 2023 mid-year market review, which highlights the current state of the industry.
Delivering a glimpse into our comprehensive market coverage, our 2023 mid-year report includes insights on everything from brand winners by industry to top retailers, online vs. in-store share, consumer demographic insights, average price paid shifts, and more. Download the report now – or keep scrolling to check out 10 exclusive high-level takeaways on the consumer durables retail market share.
Key Takeaways: 2023 Durables Market Mid-Year Review
1. As of June 30, 2023, the leader of the consumer durables retailer market share was The Home Depot, leading across four of the top 10 durables product categories tracked in Durable IQ™. Amazon was the top retailer for three product groups.
2. In the first half of 2023, Lowe’s held second place in durables retailer market share across four product categories.
3. Brand winners vary by industry and product category, with top brands like GE, Kohler, and Peloton taking the lead in their respective areas for the first six months of 2023.
4. Online sales are showing signs of leveling off at the end of Q2 2023, with only one percentage point gain versus the same period in 2022 (Q1 + Q2). The largest online sales increase over the past five years for the same period took place between 2019 and 2020.
5. In the first six months of 2023, sports equipment saw the highest percentage of online vs. in-store sales when compared to any other Durable IQ product category.
6. As of June 30, Amazon’s share in consumer durables has grown 5 percentage points since the second half of 2018 (Q3 + Q4).
7. Sports equipment, small appliances, and consumer electronics were the top three product categories sold on Amazon during the first half of 2023.
8. Major appliances saw the highest average price paid across key Durable IQ categories, with wall ovens as the product with the highest average price paid within this category.
9. Cell phone and consumer electronic purchases tend to have lower income buyers versus sports equipment, where consumers had higher income.
10. In 2023 so far, a higher percentage of baby boomers purchased kitchen & bath, home improvement, and lawn & garden products than any other generation, while a higher percentage of millennials purchased sports equipment.
Monitor your market with TraQline
The durables market is ever-changing. With each technological advancement and shifting consumer preference we see a corresponding change within the industry. Stay ahead of these changes, find a competitive edge, and drive sales growth with total market insight. To see how TraQline can help or request specific 2023 midyear insights, contact us today.
Download the report below to view
all the 2023 mid-year insights