Supply Chain Disruptions, Recession to Hurt Smart Appliance Sales: Futuresource

Smart appliance shipments will grow at a 48% compound annual growth rate through 2024 to 148.5 million units, Futuresource emailed Sunday, but supply chains and consumer demand across appliances will be “significantly impacted” in coming years due to COVID-19. Though more manufacturers are adding Wi-Fi connectivity, consumers are more likely to buy an older, more familiar model than a new, smart and expensive model when shopping online. More purchases will happen online because of self-isolation and quarantining measures as consumers typically prefer to "touch and feel" an appliance before making a purchase. “As a global recession moves from being a possibility to a probability, reduced disposable incomes as a result of massive unemployment, wage cuts and business failures, will likely lead to an increase in sales of low-to-medium priced products in developed markets, and a reduction in premium products, including smart devices,” it said.