Durable consumer goods

Durable consumer goods mainly include consumer electronics and appliances, baby products and supplies, sports, fitness and leisure products, home products, and so on. Consumer inclination toward improved lifestyle and increase in disposable income have been key factors encouraging consumers to spend more on durable goods. For instance, in 2018, spending on consumer goods accounted for more than 68% of the US gross do Durable consumer goods mainly include consumer electronics and appliances, baby products and supplies, sports, fitness and leisure products, home products, and so on. Consumer inclination toward improved lifestyle and increase in disposable income have been key factors encouraging consumers to spend more on durable goods. For instance, in 2018, spending on consumer goods accounted for more than 68% of the US gross domestic product (GDP); it contributed more than US$ 14 trillion to the total purchases. In addition, the implementation of digital technologies such as Internet of Things (IoT) and e-commerce are reshaping the durable consumer goods industry.
Economies such as India, China, Brazil, and Mexico are expanding at a fast pace. These countries are the major enablers of the durable consumer goods market growth. However, in developed nations such as the US and European countries, product features and product pricing are the major determinants of the market growth. Leading players operating in the durable consumer products industries include Kimberly-Clark Corporation, Sony Corporation, The Clorox Company, Mohawk Industries, Toshiba Corporation and Whirlpool Corporation among others. Developing the best products that meet consumer expectations and offering them at affordable prices is the key strategy implemented by these companies to sustain the market competition. However, continuous changes in consumer expectations and buying behavior, intense competition in the market, and consolidated nature of the market are among the major challenges faced by durable consumer good providers.

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