The moving industry is not the only industry suffering through a weak housing market in the United States, with slow home sales also impacting appliance manufacturers and remodeling service providers.
The Wall Street Journal reported that elevated prices, higher interest rates, and low consumer confidence mean that higher-end products that sell well when people move or build a new home have been in a trough since the pandemic. For appliance manufacturer Whirlpool, that means more profitable appliances, which in good times make up 60% of its sales volume, now make up less than 40%, as consumers opt for less fancy models.
The Chief Executive of Carrier Global, a manufacturer of heating and air-conditioning units, echoed the impact of the home sale market. “The homeowner who’s been waiting to buy a new home is a little bit reluctant to have a full replacement a year or two before they sell their home, so they may be waiting and limping along with a repair,” said Carrier Chief Executive, David Gitlin.
The stagnant housing market has also impacted home improvement activity. Home Depot reported lower quarterly profits with rival, Lowes, forecast flat to 2% growth for the year ahead.