A Great New Product for An Enormous Market
According to the latest available data (2018), there are almost 128 million households in the United States. Considering that there were less than 100 million U.S. households in 1996, American household growth has been robust in recent decades. It has been estimated that, on an average per-household basis, American households spend a little more than $40 per month on cleaning products, equivalent to roughly $500/year.
In September of 2018, the American Cleaning Institute published “An Economic Analysis of the U.S. Cleaning Products Industry”. That report examined the most recently available full-year industry data at that time, which was from 2016 (2017 data hadn’t been collected and aggregated to the Institute’s satisfaction yet). The report indicated that, in 2016, the domestic cleaning products industry generated $59.1 billion in “direct economic output”.
Drilling down further into the most relevant subcategory of U.S. home cleaning products -- brooms/brushes/mops – we find a $3.8 billion market that sells over 85 million units (across the subcategory) to U.S. consumers. The average company in this subcategory has annual sales of $19.4 million and an average of 59 employees.
In terms of recent growth, the 2018 figures marked an 11% increase over those of the preceding year. So, it is evident that sales of brooms, brushes, and mops are growing at a very impressive rate after some slow years in the post-2008 period. The recent expansion of this subcategory, according to Index Box, can be attributed to “steady construction growth against the post-crisis recovery of the U.S. economy.”
All of this bodes well for the Lolli-mop™. Clearly, the product is well-suited to a market that is both large and expanding (and thats not even counting the enormous market for car care, considering that the beveled edge works so well on vehicles). Furthermore, home cleaning products is a market that has demonstrated a healthy appetite for innovative products like Tracy Miller’s, even if they are priced at a premium.
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