fbp
Inflation’s Impact on Appliances, Consumer Electronics and Furniture and Bedding

Written by Rob Stott

September 14, 2022

independent retail appliances consumer electronics furniture bedding inflation

The big number from the recent U.S. Bureau of Labor Statistics Consumer Price Index report was the 8.3 percent year-over-year inflation rate across the board. But, like any all-encompassing number, there’s more detail down in the weeds.

A quick glance at the energy section of the report can send shivers up the spine. While month-over-month data show prices on the decline, it’s still tough to comprehend the 23.8 percent year-over-year increase in energy costs.

The report also offers a chance to dig into some data that’s a little closer to home. Here’s a quick snapshot of inflations impact on the major verticals that matter to our channel.

Appliances

In the appliance market, things appear to be improving. Despite cost increases of 3 percent year-over-year, month-over-month prices in the category declined 1 percent. Looking closer at the major appliances segment, BLS data showed month-over-month prices were down 1.7 percent.

One area of particular concern that was pointed out in the report: Laundry equipment. Year-over-year data show a 10.8 percent increase, while month-over-month number was also up 6.9 percent.

Furniture & Bedding

Inflation continues to be a thorn in the side of the furniture and bedding market, according to the BLS report. Prices are up 12.8 percent, year-over-year, though the month-over-month figure nudged up only a smidge at 0.5 percent.

Digging deeper, month-over-month changes were nominal in certain segments of the market, but the year-over-year increases continue to be high in bedroom furniture (up 8.7 percent) and living room/kitchen/dining room (up 17.7 percent).

Consumer Electronics

If they aren’t among the consumers who plan to save more, now would appear to be the time for shoppers to make a TV purchase. Across the board, according, the consumer electronics market has seen prices plummet, according to the BLS report. TV prices, in particular, are down 19.1 percent year-over-year and 2.2 percent month-over-month. The only other product category that even comes close to that in the entire report is smartphones (-20.4 percent year-over-year).

Other consumer electronics segments down year-over-year include computers/peripherals/smart home assistants (-4.3 percent), telephone hardware/calculators/other consumer information items (-13.8 percent) and video accessories (-4.3 percent).

 

Connect With Us!

More Podcasts

194: NMG and NASEO Work Together to Tackle the Inflation Reduction Act

194: NMG and NASEO Work Together to Tackle the Inflation Reduction Act

To learn more about how NMG is working with the National Association of State Energy Officials, we sat down with David Terry, President of NASEO. We get into the work the organization does on behalf of its members, how the Inflation Reduction Act has impacted their day to day, and more.

193: Spicher’s Shows Security Can Deliver as a Differentiator

193: Spicher’s Shows Security Can Deliver as a Differentiator

Around in the Hagerstown, Maryland area since the mid-1950s, Spicher’s Appliances took a unique step and expanded into the security category in 2010. Over the past decade plus, Spicher’s has seen that business flourish and prove to be a real differentiator in their market.

192: CEDIA Takes a Hands-On Approach to Training for Custom Integrators

192: CEDIA Takes a Hands-On Approach to Training for Custom Integrators

Jon Rehwaldt, Director of Curriculum for CEDIA, is only a few months into his new role at the custom integration trade association, but he’s already seeing the impact of their in-person hands-on training courses.