Developing countries to offer best growth prospects whereas replacement sales will drive growth in the developed world
Continued growth in the standard of living in developing countries will offer the most robust growth going forward. This is because developing nations generally have lower ownership levels of white goods, providing ample opportunities for first time purchases. Among the world's developing countries, India will record the most significant growth through 2017.
India has experienced some of the fastest gains in economic growth, which has vastly improved the standard of living in the country. As a result, demand for major household appliances have benefited tremendously, and will continue to do so through the foreseeable future. In addition, the immense Chinese market will also contribute to the growth of the consumer goods market.
In the developed world, opportunities will stem primarily from replacement sales, as recent economic downturns in many developed countries caused consumers to postpone major appliance purchases. In addition, technological advances are expected to play a more important role in demand. "Smart" appliances have increased their market share in developed countries in recent years, offering advanced technological features. They are typically more energy efficient, enabling firms to offer them at a higher price point. As replacement purchases are much more important in developed countries, "smart" features are expected to entice many consumers to upgrade their current appliances
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