Modernizing your kitchen can be an exciting process, and new paint, countertops, and backsplashes are often the biggest concern. Today’s homeowners often sympathize with the rising cost of everything from gas and utilities to groceries and interest rates, but for those moving to a new location or renovating their premises, there may be another financial hurdle to consider: the cost of kitchen appliances is on the rise.
According to the US Bureau of Labor Statistics, more than 90 percent of American families today have a microwave oven, and for many, it is one of the most used appliances in the kitchen. Electric stoves are another must for many: About 60 percent of Americans cook on electric stoves, not gas stoves (via Kompare It). Unfortunately, over time, all appliances wear out and eventually stop working properly, forcing people to look for replacements. However, kitchen equipment that was once affordable and well-stocked is now expensive and hard to find, forcing many to pay pennies or ditch some appliances altogether.
According to the chart here, the prices of stoves, ovens, microwaves, and other common kitchen equipment have skyrocketed since mid-2020. The Producer Price Index (PPI) for these kitchen appliances has more than quadrupled since January 2021 alone. High demand for home appliances and supply delays due to the COVID-19 pandemic have pushed prices up, according to manufacturer Yale Appliances. However, global material shortages are also playing a role as stainless steel, copper, aluminum and computer chips become increasingly difficult to mine.
The New York Times explained that it can take years for shipping and manufacturing companies to liquidate backlogs, but what if people need a new microwave or stove today? Retailer Thor Kitchen recommends buying appliances during the holidays and fall whenever possible and avoiding purchases after new products are released. In addition, at the end of each month or season, stores often discount some home appliances to make room for new products. Value for money stores like Lowe’s, Home Depot, and Walmart are also great places to shop if you’re looking for a bargain. Of course, the best money-saving solution is to take care of the appliances you already have, making sure they last until skyrocketing prices start to come down.
Post time: Oct-31-2022