At Engage3, we delved into the Refrigerator and Washer & Dryers categories to identify the brands that promoted the most over Labor Day to entice prudent shoppers into making a purchase.
- 79.1% of Washers & Dryers were promoted on Labor Day, far more than Refrigerators (45.9%)
- LG had the greatest percentage of range promoted in Washer & Dryers (94.2%), but Samsung had the greatest average discount (30.7%)
- Samsung also had the greatest average discount in Refrigerators (26.9%), but Frigidaire and Maytag had more of their range promoted.
The Labor Day weekend ushered in warm weather and grills fired up across America, but the weekend marked also one of the year’s prime sales events, where retailers bid farewell to their summer inventory. Appliances have always been strongly promoted over the weekend, but this year will have been challenging for brands and retailers.
With inflation concerns lingering, consumers are adopting a more cautious approach to spending. According to WalletHub, 55% of Americans planned to tighten their belts this Labor Day weekend.
Washers & Dryers were promoted more than Refrigerators
Across Best Buy, Home Depot and Lowe’s we found that 79.1% of Washers & Dryers were promoted on Labor Day, while only 45.9% of Refrigerators were promoted.
Top-Load Washers were the most-promoted sub-category as 85.1% of its range were on promotion but Front-Load Washers were promoted the least but still 71.8% of the range was promoted. Gas Dryers were promoted more than Electric Dryers, with 83.3% and 73.6% of range on promotion respectively.
French Door Refrigerators were the most promoted sub-category in Refrigerators with 63.7% on promotion ahead of side-by-side refrigerators (52.9%). Only 18.7% of Bottom Freezer Refrigerators were promoted.
LG span up the most promotions
In Washer & Dryers, LG had the greatest percentage of range on promotion (94.2%) and second-highest average depth of discount (28.6%). Samsung had the greatest average discount at 30.7% but Maytag and Electrolux had a greater range on promotion at 88.2% and 90.9% respectively.
High-end brands cool promotions over Labor Day
Like Washers & Dryers, Samsung had the greatest average depth of discount (26.9%) ahead of Frigidaire (25.3%). Frigidaire, however, had the greatest proportion of Refrigerators on promotion with 89.4%. Just 0.1% ahead of Maytag. High-end brands Viking and Café were promoted the least and had some of the lowest average depth of discount.
Promotions a key battleground as shopper spend cools going into the holiday season
Holiday season spending may be more muted than previous years as consumer confidence fell in September, further than anticipated by analysts. With shoppers more reluctant to part with cash for non-essential items, promotions will be an even bigger battleground for retailers and brands than usual.
Click here to request our complete Labor Day Appliance promotion report and learn how Engage3 helps retailers and brands improve their pricing performance and compete more profitably through data science & analytics.