Lowe’s refused to specify how many thousand employees lost their jobs this time or which stores will be affected by these job losses. It currently has 1,725 stores throughout the United States. Lowe’s employs 190,000 full-time employees and another 110,000 part-time workers at these stores.
Major Appliance Trends and In-Store Reps Comments on LG
Major Appliance Trends and In-Store Reps Comments on LG
Source for above: (IBIS World)
Over the five years to 2024, the expansion of the housing market is expected to significantly influence revenue for the Major Household Appliance Manufacturing industry. However, growth in the number of housing starts is forecast to be noticeably slower than it was over the five years to 2019 and is also highly contingent upon current economic growth being sustained.
Coupled with rising input costs, industry revenue growth is expected to be moderate moving forward. Additionally, while exports are expected to rebound somewhat, subdued export growth will likely be unable to bolster much growth in industry revenue. Over the five years to 2024, industry revenue is expected to increase at an annualized rate of 0.5% to $21.1 billion.
What are the reps saying about selling LG appliances in the stores?
Source: MarketSource Analytical Research Survey
- MarketSource LG reps indicated that the number one barrier they face with ready-to-buy consumers NOT purchasing LG is due to price vs. competitors (47%)
- They also mentioned that the product availability or time to deliver is longer and customers want the appliance faster (31%)
- Rounding out the top three reasons, reps indicate that there is a false perception that consumers have around maintenance and the difficulty getting parts and service for repairs (13%).
- However, the same field reps indicated that LG was
best overall provider of support in retail and marketing (57%), followed by Samsung (27%) and Whirlpool (12%).
Barriers to selling HA:
“Occasionally I will hear customers say that repairmen have advised not to buy LG because they are difficult to repair. In turn, I advise the customer that the statement is untrue and that LG requires the technicians to be certified in order to stand by LG warranties.”
“Inventory availability in Lowes especially; many everyday items are two to three weeks out before they are available for delivery. There is a similar situation at Home. Depot.’
“Price, the only sales we lose are the ones we are not priced for. We have no builder grade options to accommodate large “pro” orders.”
Appliance retailer competition:
“It depends on which retailer I am in – if I am at Lowe’s customers mention going to Home Depot if model is unavailable at Lowe’s and vice versa.”
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Related Articles
Lowe’s Making Changes in 2019
The Impact of Tariffs on Major Appliances in the US
Nathan Bomey and Paul Davidson, USA TODAY
Published 12:03 p.m. ET Aug. 2, 2019 | Updated 1:27 p.m. ET Aug. 2, 2019
President Donald Trump signaled that he would hike tariffs on Chinese imports next month after recent talks failed to deliver a trade deal, escalating his trade war with Beijing and taking more direct aim at consumer products.
5G Launch and Impact
Competition is intensifying among manufacturers of mobile infrastructure equipment. Leaders of the 3G and 4G networks face considerable disruption. New companies will join the race, the trend opens the door for existing players to catch up or overtake the leaders.
