Cleveland, OH, July 12, 2018 – US personal consumption expenditures (PCE) on repair services are forecast to total $24.7 billion in 2022, according to Repair Services: United States, a report recently released by Freedonia Focus Reports. Consumers are expected to spend more vigorously on high-end electronic products, especially tablet computers, media devices, smartphones, and televisions containing advanced technologies that require professional repair services should they break. Such sales boost warranty coverage rates and, therefore, consumer likelihood to initiate a service call.
Household appliance repair spending is also forecast to rise through 2022. Advances will stem from increases in repair costs, as original equipment manufacturers are expected to continue adding new features and complex systems to their products to entice purchases.
These and other key insights are featured in Repair Services: United States. This report forecasts to 2022 US PCE on repair services in both nominal and real (inflation-adjusted) US dollars. Total PCE in both nominal and real terms is segmented by type of product serviced in terms of:
- audio-visual and information processing equipment
- household appliances
- furniture, furnishings, and floor coverings
- footwear and leather goods
To illustrate historical trends, total revenues and the various segments are provided in annual series from 2007 to 2017.
More information about the report is available at https://www.freedoniafocusreports.com/Repair-Services-United-States-FF95061/.