© Reuters. Buy These 2 Stocks as the Demand for Home Appliances Remains Strong
Despite significant progress on the vaccination front, many people are still unwilling to fully resume outdoor activities. So, for now, many people continue to focus on improving their living spaces, including the upgrade of home appliances. Rising disposable income has put more consumers in a position to now purchase smart appliances. We think this trend bodes well for Whirlpool (WHR) and Conn (CONN). Let’s discuss.The dramatic pandemic-induced shift in lifestyles and consumer preferences has led to much greater home improvement activity by people. Home improvement projects to re-organize and repurpose existing living spaces has now become de rigueur. And even though more than 50% American adults are now fully vaccinated against COVID-19, people are still spending more time indoors and are redecorating their spaces according to their needs.
This is driving a substantial surge in demand for home appliances. In fact, the global home appliance market size is expected to grow at a 6.1% CAGR over the next five years to hit $932.4 million by the end of 2026.
Rising disposable income and rapid urbanization should further accelerate the growth of the home appliance industry. As consumers continue to choose home appliances that are equipped with advanced technological features and modern looks, we think companies such as Whirlpool Corporation (NYSE:) and Conn’s, Inc. (NASDAQ:), which are investing heavily in developing innovative products, are uniquely positioned to benefit. So, it could be wise to bet on these stocks now.
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