Consumers buy finished goods called consumer durables. Durable items don’t need to be bought frequently because they are designed to be used and reused over extended periods. Some examples of consumer durables are automobiles and other vehicles, electronics, tools, jewellery, and appliances.
Contrast this with consumer services like health care and financial planning and non-durable commodities like food and dish soap. Typically, durable goods cost more than non-durable ones. Spending on durable items typically indicates economic expansion. Just before a recession, consumers typically cease buying durable goods.
But is a career in consumer goods a worthwhile one? We’ll need to consider a range of information about companies, wages, and employment growth to answer that.
What Are Consumer Durables?
Consumer durables are goods that are purchased to be utilized extensively.
They have been used for a very long time in other things, such as bicycles, yachts, dryers, refrigerators, and industrial devices.
Televisions, automobiles, computers, office furniture, and home appliances like irons are examples of consumer durables.
Predicting consumer behaviour is more difficult because these products are frequently purchased.
For instance, during a recession, demand for consumer goods will significantly reduce as individuals put off buying until the situation improves.
In contrast, consumer spending typically increases when the economy improves because people are anxious to acquire something after waiting for years.
Durables are frequently luxury goods with multiple-of-one income elasticity of demand.
So, is a career in consumer goods suitable for recent graduates? Even while a profession in consumer goods may not be as lucrative as it first appears to be, the income is really good.
A career in consumer durables is ideal for college students or recent graduates looking for a fulfilling profession.
How Many Opportunities Are Currently Open In The Consumer Durables Sector?
In the consumer durables industry, there are many different job opportunities. The consumer durables sector is a $2 trillion industry with about 3 million workers.
Opportunities in Product Design, Marketing, Operations, Engineering, Sales, and other areas are available at major consumer goods corporations.
What Does Work In Consumer Durables Sector Pay?
The variety of jobs in consumer durables results in a range in remuneration.
Salary ranges are competitive at the top businesses we listed. The average salary for Apple employees was $68,254 in 2021. 3D artists earn $32,000 annually and are among the lowest-paid Apple personnel.
The Director of Operations would be among the highest paid, earning $204,527 annually. An Apple project manager typically earns $80,000 annually in salary and bonuses. A Principal Engineer at Apple makes $285,000 in contrast.
General Electric employees receive an average annual basic income of $97,000, with a bonus of $9,000. At GE, there are numerous options for engineering students and professionals to make a lot of money. Senior Software Engineers make an average of $109,846, and Senior Mechanical Engineers make an average of $112,447. Total remuneration averages $154,614 in the engineering department. Comparatively, the Marketing department earns an average of $107,228 a year, the Design department averages $113,308 annually, and the Operations department earns an average of $74,675 annually.
Employees at Samsung receive an annual base income of $98,476 on average. Even the average bonus, $13,000, is not included in that. At Samsung, a senior software engineer makes an average salary of $136,686 annually. An Area Sales Manager’s annual salary ranges from $36,000 to $89,000, the average being $87,879.
The typical income for a Sony employee ranges from $25,000 to $168,000 annually, depending on the position. Assemblers typically make $9.10 per hour, injection mould operators make $13.50 per hour, production supervisors make $71,482 per year, and production managers make $111,681 per year. While a position as a production manager often needs years of expertise, an assembler position is seen as a low-skill job.
A Senior Manager at Canon U.S.A. has an average yearly income of $123,000, while a Public Relations Assistant makes $25,000 per year. At Canon, a Purchasing Manager earns $120,000 annually compared to a Contract Administrator’s $36,000.
What Companies Are In The Consumer Durables Industry?
Brown goods and white goods are the two subcategories of durable goods. Consumer gadgets are brown goods, including televisions, computers, cameras, and speakers. Consumer electronics are white goods, including blenders, air conditioners, washers, dryers, and refrigerators. Apple, General Electric, Samsung, Hewlett Packard, Sony, LG Group, Panasonic, De’Longhi Appliances, Canon, Phillips, Bosch, Hitachi, Dell, Lenovo, and Toshiba are the major manufacturers of consumer durables, including both brown and white goods.
Is A Job In Consumer Durables A Good Career Path?
For those with the necessary training and expertise, a career in consumer durables can be highly rewarding. For example, someone with engineering experience might benefit from it.
Maintaining current with changing trends and technology is one of the particular problems faced by careers in consumer durables. The perfect career for tech enthusiasts would be one in consumer goods.
The best manufacturers of consumer goods frequently offer enticing advantages and benefits. Health insurance, a free gym, and stock-based remuneration are all provided to Apple employees (Restricted Stock Units).
According to a Sony Production Supervisor who resigned over what he claimed was poor pay, there was “huge working pressure to confess daily basis. But the canteen is excellent. You will therefore have an excellent cafeteria at the very least.
Risk-averse people should be aware that consumers typically avoid buying durables when the economy is struggling. Due to this, the employment situation could not be as solid as the consumer non-durables sector.
Contrarily, demand will never decline for consumer durables like computers and refrigerators because they will always be a necessary component of life. The Bureau of Labor Statistics predicts a 13% rise in computer and information technology jobs before 2030.