Dublin, Ohio, May 07, 2019 (GLOBE NEWSWIRE) -- With new restaurants constantly popping up all over the country, it might be hard to believe that Americans are turning more to cooking and eating meals at home. As people choose to eat-in, America has also seen new “smart” kitchen appliances appear on the retail market. Safeware, a leading provider of product protection and extended warranty solutions, turned to their Business Intelligence team to investigate the popularity of higher-end smart kitchen appliances and corresponding extended warranty sales.
According to Safeware’s historic claims data, the average appliance retail value is nearly 13% more than it was in 2017. This can be largely attributed to the increase in prevalence of smart appliances. Futuresource Consulting’s website states that the smart appliance market is forecasted to grow at least 36% by 2023. As technology continues to evolve, appliances are quickly being integrated into the internet of things (IoT).
Popular smart appliances include microwaves, refrigerators, and ovens. Smart microwaves can be paired with voice assistants such as Amazon’s Echo. This allows the device to become voice-activated. Refrigerators now allow consumers to download an app that will show them the inside of their fridge and what food they are running low on. Smart ovens learn and adapt to the way consumers cook, allowing users to instantly access settings they use the most.
Safeware’s data reveals that from Q1 of 2018 to Q1 of 2019, there was a 43% increase in the share of warranty sales on appliances greater than $2,500. Many smart appliances, particularly ovens and refrigerators, typically surpass $2,500 in retail cost. The increase in warranties sold in this price bracket is two-fold: first, these expensive appliances have increased in prevalence, and secondly, consumers may be more likely to purchase warranties on expensive items due to their complexity and high cost of repairs.
“We are now in an era where advancements in technology are making their way into every facet of our lives, including the kitchen,” says Safeware’s Chief Executive Officer, Bryan Schutjer. “As smart appliances continue to improve effectiveness and efficiency in the household, Safeware is proud to offer customizable protection solutions for these advanced kitchen devices.”
As smart technology continues to be implemented in products such as appliances, consumers now have the ability to have a hi-tech cooking experience in their homes. Safeware provides comprehensive coverage on smart appliances, affording customers who choose to invest in this new market the ability to own their appliances with confidence.
About Safeware
Having pioneered the technology insurance industry in 1982, Safeware is now one of the most recognized names in product protection. Safeware’s innovative approach to insurance and extended warranty solutions has propelled the company into multiple industries including education, corporate technology, fitness, furniture and appliances. By allowing partners to customize coverage based on their unique needs, Safeware provides best-in-class programs allowing customers to own their products with confidence.
Learn more about Safeware online at www.safeware.com or by calling 1.800.800.1492.
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