The market for companies in the consumer durables field is enormous. It is one of the critical sectors for job creation and contributes close to 6.9% of the global GDP. The consumer goods industry has various subsectors, which keep things exciting and demanding.
Meanwhile, this sector has several businesses ranging from clothing to food, etc. Furthermore, companies in the consumer durables field typically sell items for use in homes. To support their commercial activities, these businesses do, however, also engage in related industries like retail and services.
When you purchase a product from one of these companies, many brands will likely run under various brand names. For instance, when buying a laptop from Microsoft or Lenovo, presumably, they will only sell it under that company’s brand name.
However, to support their sales and marketing efforts, these companies may operate under several different brand names. In this article, we will give in-depth information about what companies are in the consumer durables field, alongside other things you should know about this industry.
Table of contents
- What is The Consumer Durables Field?
- What Are Some Examples of Consumer Durables Goods?
- How Does The Consumer Durables Field Work?
- Differences Between Consumer Durables and Consumer Non-Durables
- What Companies Are in The Consumer Durables Field?
- Pros of The Consumer Durables Field
- Cons of The Consumer Durables Field
- What Do Consumer Durables Jobs Pay?
- Is Consumer Durables a Good Career Path?
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What is The Consumer Durables Field?
Products in the consumer durables field are made for long-term use and typically last three years or longer. Consumer durables include furniture, electronics, appliances, automobiles, jewelry, and clothing.
These goods frequently require a sizable financial commitment from the buyer and last for a long time. As a result, they are regarded as crucial elements of a household’s budgeting strategy because they will eventually need to be replaced.
Consumer durables also improve consumers’ quality of life. For instance, having access to a good refrigerator or oven simplifies preparing meals and improves one’s general quality of life.
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What Are Some Examples of Consumer Durables Goods?
Products that last three years or longer are considered consumer durables, also known as durable goods. Some items on this list include the following:
- Mobile homes
- Big and small appliances
- Consumer electronics
- Rubber tires
- Lead-acid car batteries
- Sporting goods
- Home goods
- Fine Jewelry
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How Does The Consumer Durables Field Work?
Consumer durables, also referred to as durable goods, are consumer goods that do not need to be replaced frequently because they last in value and for an extended period. Spending money on durable products helps preserve wealth because they retain their value for a long time.
Economists, business owners, and investors keep track of new orders and expenditures as a symbol of sustainable economic development. Further, consuming durable goods increases Gross Domestic Product (GDP) in the business cycle.
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Differences Between Consumer Durables and Consumer Non-Durables
There are two main categories of consumer goods: consumer durable goods and consumer non-durable goods. When considering inventory and supply chain management strategies, companies must understand the distinctions between durable and non-durable goods.
Consumer Durable Goods
Even with frequent use or wear and tear, consumer durable goods have a long lifespan. They include furniture, electronics, appliances, cars, and other machinery.
To ensure the product’s long life, durable goods are frequently sold with a warranty or guarantee. Meanwhile, these items need active maintenance over time to preserve quality and lengthen their lifespan.
Consumer Non-Durable Goods
Durable goods last longer than non-durable goods. Food, drinks, paper products, and other consumables are all included. Customers frequently buy these products because they are used or consumed often and have a short lifespan.
Even though non-durable goods might need some maintenance, they typically don’t require as much care to maintain their quality and longevity as durable goods.
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What Companies Are in The Consumer Durables Field?
Here, we will explore which companies are active in the consumer durables field. The top consumer durables companies include the following:
1. Whirlpool Corporation
The number one on our list of top consumer durables companies is Whirlpool Corporation. It is a multinational company headquartered in Benton Harbor, Michigan. Whirlpool Corp makes and sells home appliances to satisfy domestic and foreign demand.
They produce and market household goods like microwaves, air conditioners, refrigerators, washing machines, and other electronics. And the corporate headquarters are in the American State of Michigan’s Benton Charter Township.
In addition, its specialties include marketing, innovation, manufacturing, diversity and inclusion, social responsibility, environmental sustainability, product leadership, operational excellence, people excellence, and brand leadership.
2. Canon Inc.
The next among the companies in the consumer durables field is Canon Inc. Canon Inc., a Japanese company was established in 1937 and focuses on business and imaging equipment. It has partnered with several nations, including Canon Pvt. Ltd to market and sell advanced digital imaging products and solutions.
With the tagline “Always Delighting You,” Canon consistently offers cutting-edge technology and a wide selection of goods and services. Furthermore, its services include sales of printers (laser and inkjet printers), document and check scanners, digital cameras, mirrorless cameras, and products for the motion picture and medical imaging industries.
3. Sony Corporation
The corporate headquarters of the Japanese multinational conglomerate Sony Inc., also known as Sony, are located in Minato, Kan, and Tokyo. Sony is a top producer of consumer and business electronics.
Also, Sony Electronics is the market leader in consumer and professional audio/video electronics and information technology products. The company’s operations include sales, marketing, distribution, engineering, research and development, and customer service.
Thus, it’s one of the top consumer durables companies.
4. Philips Limited
One of the top companies in the consumer durables field is Philips Ltd. In 1891, Anton and Gerard Philips founded the organization. And since then, the organization has been active all over the world.
Philips Ltd. produces various products, including lighting, audio equipment, home appliances, and medical devices. The company ranks among the top ten global manufacturers of consumer durable goods.
5. LG Corporation
LG is one of South Korea’s largest corporations. It ranks among the top ten largest conglomerates in the nation. And this company’s numerous business divisions serve a variety of markets.
Furthermore, LG Corporation products are widely used in petrochemicals, home appliances, and electronics. Thus, the brand has the solution, and it’s widely spread throughout many Asian nations.
Appliances like refrigerators, freezers, washers, dryers, and dishwashers are all produced by this significant manufacturer, LG. Over 128 countries can buy these products.
And it has continued to be a significant player on the international stage since its founding in 1958. So, it’s among the top consumer durables companies.
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6. Samsung Electronics
One of the most well-known companies in the consumer durables field is Samsung, which has its headquarters in Seoul. It is a South Korean multinational electronics and IT company contributing roughly 20.3% of the nation’s GDP.
Furthermore, Samsung is a famous brand in the consumer goods sector. The firm focuses heavily on research and development while producing consumer durables like smartphones, laptops, and television sets.
Apple is a Silicon Valley-based tech giant focusing on consumer electronics and computer software. The company produces several goods, including the iPhone, iPad, MacBook, and Apple TV.
With a firm brand name and a sizable consumer base, Apple is one of the top companies in the consumer durables field.
8. Microsoft Corporation
The following organization on our list of companies in the consumer durables field is Microsoft. Suppose someone was looking for businesses in the consumer durables sector that were enthusiastic about software development. You can get all these at Microsoft.
It is an American multinational software company headquartered in Redmond, Washington. Additionally, it is one of the most profitable corporations in the world, with a market capitalization of roughly $2.109 trillion.
Again, the organization offers a vast array of goods and services and products and services. As one of the companies in the consumer durables field, one of its consumer durables is computer software, along with Surface tablets and laptops. Microsoft Office and other productivity programs are also included in its software.
Panasonic also stands out as one of the top consumer durables companies. It is a Japanese multinational conglomerate based in Tokyo. One of the most popular companies in the world, they manufacture different durable goods for consumers.
Some of its products include the Dream Vacuum Cleaner, Panasonic air conditioners, Lumix cameras, and Toughbook laptops.
Toshiba is last but not least on our list of companies in the consumer durables field. Tokyo is home to the corporate headquarters of this multinational Japanese conglomerate engaged in electrical and electronic engineering.
Toshiba manufactures various goods, such as air conditioners, laptop computers, and televisions. It is also one of the most popular brands in the consumer durables sector, with a $56 billion market capitalization.
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Pros of The Consumer Durables Field
The following are the benefits of durable consumer products:
- Durable goods frequently have a high initial upfront cost. The initial investment will ultimately pay off because you will use them longer before needing to replace them.
- The materials used to create these products are typical of a higher caliber than those used to develop their non-durable counterparts, making them more dependable and time-resistant.
- The wide variety of styles, sizes, and colors available for durable goods gives you many options when looking for the things you need or want. Therefore, there is something for everyone’s taste and budget, from automobiles to appliances.
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Cons of The Consumer Durables Field
Below are the drawbacks of consumer durable goods:
- Compared to non-durable goods, durable goods frequently have a high upfront cost. Some people might be unable to afford to buy, especially if they have a limited budget.
- For the products to function correctly over an extended period, additional maintenance may be needed.
- Keeping up with routine maintenance requirements, such as oil changes or software patches, can be more expensive and time-consuming for the consumer.
- Since the product has a long lifespan, it might be challenging to find replacement parts if something goes wrong. Thus, it might result in pointless repairs, which can be expensive and time-consuming.
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What Do Consumer Durables Jobs Pay?
Here is a list of some of the typical pay rates for various positions in the consumer durables industry:
|Job Title||Average Salary|
|Administrative Assistant||$43,711 per annum|
|Field Sales Representative||$68,695 per annum|
|Strategy Consultant||$112,094 per annum|
|Industrial Designer||$67,853 per annum|
|Product Marketer||$139,883 per annum|
|Vice President Operations||$307,100 per annum|
|Collections Associate||$43,095 to $53,936 per annum|
|Robotics Engineer||$93,564 per annum|
|Automotive Engineer||$73,130 per annum|
|Automotive Sales Manager||$126,188 per annum|
|Quality Assurance Manager||$121,339 per annum|
|Electronics Engineer||$111,504 per annum|
|Computer Engineer||$90,913 per annum|
|Product Brand Manager||$139,869 per annum|
|Fashion Forecaster||$67,676 per annum|
|Visual Merchandiser||$171,543 per annum|
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Is Consumer Durables a Good Career Path?
Yes! Consumer durables is a good career path. There are numerous job opportunities in different industries, thanks to consumer durables. Thus, there is plenty of room for careers to start and develop.
Further, this industry deals with non-consumable goods like electronics, furniture, cars, and appliances that are made to last for about three years. Therefore, there are many career opportunities in the consumer durables sector, especially for engineers, designers, marketers, and manufacturers.
Which goods are considered consumer durables?
Automobiles, furniture, appliances, and mobile homes are typical consumer durable goods. The lifespan of consumer non-durable goods bought for immediate or nearly immediate consumption ranges from minutes to three years.
What are three instances of durable consumer goods?
Appliances like washers, dryers, refrigerators, and air conditioners are examples of consumer durables. Again, computers, televisions, other electronics, jewelry, cars, trucks, and furniture for the home and workplace are also classified as consumer durable goods.
What industry are durable goods?
Establishments in the durable goods industry deal in products like machinery, automobiles, furniture, and building supplies.
This article has explained the top companies in the consumer durables field. The companies mentioned above are among the most popular manufacturers of durable consumer products.
Consumer durables are one of the most significant industries, having an impact on the daily lives of millions of people. It’s incredible to observe how these firms continuously innovate and create new products to cater to the shifting needs of their clients.
The best durable goods companies to work for are also listed above if you’re interested in a career in the sector. With a clear mind, you can now start your career.
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