Market Overview

Consumer Spending on Repair Services to Reach $24.7 Billion in 2022

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Consumer Spending on Repair Services to Reach $24.7 Billion in 2022

Spending on Electronics and Appliances to Drive Growth

PR Newswire

CLEVELAND, July 25, 2018 /PRNewswire/ -- US personal consumption expenditures (PCE) on repair services are forecast to total $24.7 billion in 2022, according to Repair Services: United States, a report recently released by Freedonia Focus Reports. Consumers are expected to spend more vigorously on high-end electronic products, especially tablet computers, media devices, smartphones, and televisions containing advanced technologies that require professional repair services should they break. Such sales boost warranty coverage rates and, therefore, consumer likelihood to initiate a service call.

Freedonia Group logo (PRNewsFoto/The Freedonia Group)

More information about the report is available at https://www.freedoniafocusreports.com/Repair-Services-United-States-FF95061/

Household appliance repair spending is also forecast to rise through 2022. Advances will stem from increases in repair costs, as original equipment manufacturers are expected to continue adding new features and complex systems to their products to entice purchases.

These and other key insights are featured in Repair Services: United States. This report forecasts to 2022 US PCE on repair services in both nominal and real (inflation-adjusted) US dollars. Total PCE in both nominal and real terms is segmented by type of product serviced in terms of:

  • audio-visual and information processing equipment
  • household appliances
  • clothing
  • furniture, furnishings, and floor coverings
  • footwear and leather goods

To illustrate historical trends, total revenues and the various segments are provided in annual series from 2007 to 2017.

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:

  • total historical market size and industry output
  • segmentation by products and markets
  • identification of market drivers, constraints, and key indicators
  • segment-by-segment outlook in five-year forecasts
  • a survey of the supply base
  • suggested resources for further study

Press Contact:
Corinne Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com

 

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SOURCE The Freedonia Group

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