The major appliance industry was up 7 percent YOY as of June 2017, according to the Association of Home Appliance Manufacturers.
People with money love buying luxury items, and chief among them, kitchen appliances, a new study commissioned by LG Electronics found.
In fact, nearly half of U.S. luxury consumers prefer the feeling of purchasing a high-end product to that of being on vacation, and 41 percent rate it higher than sex, according to the study.
So which products are exciting these consumers most? Anything related to the home. Two-thirds of luxury customers say they’ve increased their home spending over the past five to 10 years, with kitchen appliances (most notably refrigerators), taking the No. 1 spot. Furniture and home upgrades, including smart home products, were popular as well.
“We discovered the way wealthier Americans think and speak about luxury has evolved drastically within the last five to 10 years,” said LG marketing head David VanderWall in a statement. “Now, more than ever before, luxury-identifying Americans value home kitchen appliances as a top category for creating a luxurious and sophisticated home environment.”