How Lowe’s is Winning the Refrigerator Market by Redefining Product Mix
In 2022, the refrigerator market generated a staggering $7.36B in GMV across Best Buy, Lowe’s and Home Depot. Across top retailers, Lowe’s dominates the refrigerator market with close to 50% of total refrigerator sales.
Monthly Market Share (GMV)
United States | Online and B&M Refrigerator Sales | 1Q21 - 1Q23
So what types of refrigerators are most popular at Lowe’s? Over the past year, we’ve seen growth in top-freezer refrigerators, in addition to a decline in side-by-side and bottom-freezers in 4Q22.
Growth Across Refrigerator Type
United States | Online and B&M Sales at Lowe’s | Jan 2021 - Dec 2022
Of top-freezer refrigerator sales at Lowe’s, we’ve seen an interesting shift in market share, with Frigidaire gaining over 20pp from 1Q20 to 4Q22, stealing share predominantly from Whirlpool and LG. With even a 2pp share gain in Top-Freezer Refrigerators at Lowe’s representing a ~$12.5M opportunity, Frigidaire’s 20pp gain represents $125M in growth.
Top-Freezer Refrigerator Share - Lowe’s
United States | Online and B&M Sales at Lowe’s | 1Q20 - 4Q22
Whirlpool has felt the pressure of Frigidaire’s growth, with share declines of over -20pp from 1Q20 to 4Q22. However, as Whirlpool aligned its average sales price (ASP) more closely with Frigidaire’s in 3Q22, it began to recover market share.
Top-Freezer Refrigerator ASPs - Lowe’s
United States | Online and B&M Sales at Lowe’s | 1Q21 - 4Q22
Could Whirlpool have prevented losses with near real-time knowledge of Frigidaire holding prices steady in 1Q22? Understanding pricing v peers within sub-categories and retailers will continue to be paramount in growing and maintaining brand market share across appliance categories.
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Sources: In-Store Receipt Data, Proprietary Email Receipt Data, Webscraped Data
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