Why is the refurbished appliance industry so hot?
A new study from Consumer Reports shows that there are more than two million refurbished household appliance manufacturers in the United States, with some of the biggest brands like Ikea and Lowe’s in the top five.
The study also found that nearly 1.3 million of the top 10 brands are currently selling refurbished products.
“It’s important for consumers to understand what is and isn’t in their appliance,” said Julie Tarr, Consumer Reports consumer products expert.
“What’s in your fridge?
Are you buying a microwave, a dishwasher or a washing machine?
What’s in there that is a little bit more expensive than you thought it was?”
The study focused on the top 20 refurbished appliance brands, including Home Depot, Staples, Home Depot Outlet, and Kmart.
Tarr said the top brands are the ones that are getting the most buzz because they have some of “the biggest names” in the refurbished market.
“They’re making their money on top of it,” she said.
“They’re selling to big retailers and they’re making a lot of money off of it.”
Consumer Reports’ study found that the top ten most popular brands in the US were Ikea, Home Aged, Lowe’s, Staples and KMart.
However, they found that a few of the brands were gaining a little traction.
For example, the study found Home Agyles brand saw sales increase in 2016 by more than 20% compared to 2015.
Lowe’s saw sales grow by more, but it was not the top brand.
“We’re seeing a lot more companies taking on the refurbisher category, so they are doing a lot better,” Tarr added.
Consumer Reports said there are a lot different reasons for a brand’s popularity, including their “sustainability” rating.
For example, Ikea’s sustainability rating is one of the highest in the world, and has improved by 15% since 2015.
However for some brands, like Lowe’s and Home Agers, the sustainability rating has dropped a little since 2015, so there’s a little less of an appeal.
Consumer reports also noted that there is a lot that goes into the cost of refurbishing a household appliance.
For instance, if you buy a dishwashers, you’re getting a microwave for free.
“There’s a lot you can buy for the appliance, but you don’t get a warranty or an aftercare that comes with that appliance,” Tara said.
“You don’t have the kind of warranty and aftercare like you do for an appliance that you’d want to keep your appliances.”
Consumer reports said the biggest factors that influence a brand getting a high rating include the quality of materials used, and how long it has been in service.
They also said that manufacturers should be transparent about the quality and quality control of their refurbished appliances.
Consumer ratings website, the Rotten Tomatoes rating system, also found the average rating for a refurbished home appliance in 2016 was 4.2 out of 5 stars.
That is up from 4.0 in 2015, when the average was 3.7.
However, the top 5 brands have all received a very high rating.
Consumers reported that Home Depot received an overall score of 4.7, Lowe was rated 4.8 and HomeAges had an overall rating of 4