New York, NY -- (SBWIRE) -- 12/01/2017 -- Summary
The "Small Kitchen Appliances 2017", report is part of Retail's home retail series, providing a detailed analysis of the market and forecasts to 2022 to enable retailers to target outperforming categories to ensure future revenue growth. The report provides quantitative and qualitative analysis of the UK market, evaluating trends that have impacted the market such as the saturation of the NutriBullet market. It also provides key insight into consumer attitudes to better understand your core demographic and an in-depth analysis of key market players to target growth opportunities in the market.
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As consumers' real incomes continue to fall, shoppers will attempt to save money by cutting down on discretionary purchases. As a result the food preparation, STTCA and electrical kitchen gadget market will struggle to achieve growth over the next five years. However, consumer demand for kettles and toasters will remain relatively strong as shoppers will view the replacement of these products as essential, particularly as the majority of households in the UK own these items. Furthermore, the growing trend towards more design-led appliances will encourage consumers to trade up when purchasing SKA.
The report provides a comprehensive analysis of the following -
- Key issues in the market and success strategies
- Market sizing by category and growth forecasts
- In-depth profiling of major retailers including market share and outlooks
- Consumer analysis detailing how, where and why consumers are buying small kitchen appliances.
- Young consumers, aged 16-24 have the highest penetration for SKA shopping, with 71.6% of these consumers shopping for SKA over the past 12 months. This trend is driven by young consumers being encouraged to cook influenced by the current healthy living trend, with over half of 16-24s agreeing that health trends have inspired them to cook more at home. Retailers need to target these shoppers, for example by using popular social media celebrities and food bloggers to endorse healthy SKA, such as air fryers.
- Replacement purchases dominate the SKA market. 80.1% of consumers purchased SKA as a replacement in 2017, up 4.0ppts on last year. In contrast, as consumers continue to cut down on discretionary purchases, fewer shoppers are buying SKA to upgrade, down 2.1ppts, or buying on impulse, down 1.1ppts. This trend is due to the price increases that were introduced to the market early this year, meaning shoppers feel less able to indulge in spontaneous SKA purchases, rather only shopping for necessary replacements.
- The SKA market is becoming increasingly design-led - 47.6% of shoppers agreed with the statement that they want their kitchen appliances to match the design aesthetic of their kitchen. As consumers' disposable incomes become increasingly squeezed, more shoppers are unable to afford to renovate their kitchen or even move property completely. As a result, consumers are using trendy SKA as an affordable way to refresh the look of their kitchens.
- 73.7% of consumers researched their SKA purchases in 2017, up 16.4ppts on 2016. This is as a consequence of consumers being more careful about spending money as household budgets become increasingly squeezed. Moreover, as consumers become increasingly interested in the look and design of their SKA, they will spend more time researching appliances that will suit the interior of their kitchens.
Reasons to buy
- Utilise our five-year forecasts to 2022 for individual product categories and retail channels to refocus your strategy on key areas of high growth such as kettles and hot beverage makers.
- Comprehend consumers' changing cooking habits and recognise the impact this has on the SKA market.
- Understand how to adapt your SKA offer according to emerging food trends.
- Compare our analysis on leading SKA retailers; enhance your understanding of their strengths and weaknesses and retailers' market share growth prospects to gain a competitive advantage.
- Recognise which consumers to target and how to drive spend from them by utilising our shopper penetration data and understanding what influences their retailer selection and spending motivations.
Table of Content: Key Points
Issues and Strategies
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