The Rising Influence of Rising Affluence

[DewDiligence]

Uh oh—appliance sales are sagging:

https://www.wsj.com/articles/whirlpool-whr-q3-earnings-report-2022-11666362637

Whirlpool Corp. slashed production of refrigerators, dish washers and other home appliances by more than a third during its most recent quarter to shrink inventories as consumer demand diminished, executives said.

The Benton Harbor, Mich.-based company cut its profit forecast for 2022 by about half, warning that high costs were likely to persist into next year as appliance demand remains muted.

“Demand is down and cost is up,” Chief Executive Marc Bitzer said during a conference call.