CIT's Small Appliance Outlook Predicts Demand to Decline This Year, Rebound in 2002.Business Editors NEW YORK--(BUSINESS WIRE)--January 15, 2001 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Ninth Annual Small Appliance Small appliance refers to a class of home appliances that are semi-portable or which are used on tabletops, countertops, or other platforms. Such items are contrasted with major appliances, which are typically fixtures that cannot be easily moved. Outlook, released today by CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. (NYSE NYSE See: New York Stock Exchange : CIT, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CIT.U), the outlook for the industry remains generally positive, although a short-term slowdown is expected. Last year, real demand in the US rose a solid 7.7% to an estimated record $5.694 billion. Going forward, there will be turbulence, with real demand slipping in 2001 to $5.480 billion, a 3.8% decline, though still the second highest on record. In 2002, the Outlook predicts real demand to rebound, rising 4.8% to a new record of $5.741 billion. "We predict that although the economy is in a slowdown, recession will be avoided in both 2001 and 2002," said Michael Paslawskyj, vice president of Economic Research at CIT. "This is the principal reason behind the Outlook's forecast of a decline in small appliance consumption this year and a rebound in 2002." According to CIT, the outlook for domestically manufactured small appliances has a similar pattern, with real shipments falling 2.8% in the current year to $2.350 billion, but recovering slightly in 2002 to reach $2.360 billion. Unlike domestic consumer demand, US manufacturer shipments have been in a long-term secular decline since 1980 due high domestic labor costs. While domestic manufacturer shipments are declining, imports are steadily increasing with 71.8% of domestic small appliance purchases in 2001, up from 66.8% the year prior, with China the single largest source. In 1999, imports from China totaled $1.9 billion and the Outlook predicts the figure for 2000 to total $2.28 billion or 56% of all imports. Going forward, the Outlook expects imports to continue to grow in share, with a slight pullback to just over $4 billion in 2001, but increasing its cut of the domestic market to nearly 73%. As the overall market begins to grow again in 2002, CIT forecasts imports to rise to a record $4.33 billion and represent 75% of the total domestic market. About CIT With over $50 billion in managed assets, CIT is a leading diversified finance company offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. CIT has been in business since 1908 and is recognized as a leader in many of the markets it serves. For more information visit www.cit.com. For the complete Small Appliance Outlook 2001, please contact Ann-Margret Crater, vice president of Marketing, CIT, at 212-536-9310 / ann.crater@cit.com or Naya Kolarova, Stanton Crenshaw cren·shaw also cran·shaw n. A variety of winter melon (Cucumis melo var. inodorus) having a greenish-yellow rind and sweet, usually salmon-pink flesh. [Origin unknown.] , at 203-359-8772 / naya@stanton-crenshaw.com NOTE: Small Appliances is the generic name generic name n. 1. The official nonproprietary name of a drug, under which it is licensed and identified by the manufacturer. 2. for products falling under the NAICS NAICS North American Industry Classification System Code 33521 (the former SIC Code 3634) |
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