With the Holidays coming up, now is the time to think strategically about your appliances. Your oven, cooktop, refrigerator, dishwasher, laundry, and television are all about to log a lot more hours, and if any of them are already on their last legs, they may not see 2024. Further, if you are considering selling or leasing your home, strategically upgrading or adding appliances can allow you to list at a higher price. Fortunately, Black Friday is right around the corner, and television and appliance prices have actually gone down!
Retailers are Launching Early Deals
While Black Friday itself is still over a month away, TechRadar reports retailers are launching early deals this month thanks to next week's Amazon Prime Day sale. Amazon's Prime Big Deals Day sale is taking place on October 10 and 11, and in response, Walmart has a Holiday Kickoff sale on October 9 through 12, and Best Buy will release new offers throughout the month at its Holiday Sneak Peek event.
As Inflation Continues to Decelerate, some Prices have Dropped up to 10%
With inflation still relatively high, you might be surprised to learn that some goods are actually significantly cheaper than last year, including airfare, televisions and major appliances. Per CNBC in July 2023: As inflation continues to decelerate — down from a year-over-year peak of 9.1% to 3% as of June — the cost of some items has dropped by 10% or more, based on price tracking measured by the consumer price index.
The price of many goods and services are still much higher than they were before the pandemic, but with recent price drops, they’re something of a bargain compared with last year.
Appliances
You’re in luck if you’re planning to buy a fridge or oven, as retailers have been offering discounts at a rate not seen since before the pandemic.
That’s largely due to softening consumer demand, according to Yahoo Finance. To some extent, rising interest rates have discouraged spending on big-ticket appliances. The slowdown in the housing market is another factor, as people tend to buy appliances when they move into new homes.
Televisions
Despite rising inflation for most other items, television prices have been trending down for the last two years.
The drop in prices reflect improved manufacturing efficiencies and data collection revenue from “Smart TV” interfaces, as well as falling demand. Globally, shipments fell to a five-year low earlier this year, according to S&P Global, a market research firm.
If you already know your television or refrigerator is on borrowed time, why tempt fate by crossing your fingers? Take advantage of dropping prices and seasonal sales to make some valuable upgrades to your biggest investment!