◆ The heyday of K home appliances ◆
“Because the order is overwhelmed, you can purchase the objet refrigerator and wash tower now, but only after 3 weeks and the electric induction after a month.”
LG Best Shop Seoul Daechi headquarters on the 24th, ahead of the holiday season. “Recently, sales of objet refrigerators, wash towers, and 70-inch TV products have increased explosively,” said Jeong-wan Kang, manager of LG Electronics’ Gangnam’s largest store. “As consumer electronics consumption increases, some new products are not able to keep up with the demand,” said Kang. “Some popular products such as 4 million won object refrigerators have to wait for a month to receive the product after purchase,” said Kang.
With the prolonged COVID-19 outbreak, home time increases, compensation consumption sentiment is added, and the home appliance market is booming.
With the rapid increase in demand for Korean home appliances both at home and abroad, domestic home appliance makers are opening the heyday of’K Home Appliances’ by raising the market share of major products such as TV, refrigerator, and washing machine. Home appliance manufacturers are responding to the explosive increase in demand by fully operating their factories. Song Myeong-hoon, head of the Living Appliances (H&A) Business Division at the Changwon Plant, which accounts for 30% of LG Electronics’ total household appliance production, said, “Usually, at the end of the year, we take 10 days off as a facility maintenance period. In order to respond, he said, “We are using the flexible working system to extend the working hours corresponding to the non-working period in advance to operate the factory. It is the first situation in 18 years since joining.”
Thanks to the all-time boom, home appliance makers have reserved the best performance. LG Electronics’ H&A division is expected to become the first in the global white home appliance market this year, recording annual sales of 20 trillion won and operating profit of 2 trillion won.
In addition to household appliances, domestic companies’ performance is unrivaled in home entertainment such as TV. According to Omdia, a global market research firm, this year, Samsung Electronics is expected to be the number one in sales for 15 consecutive years in the global TV market.
[노현 기자 / 박재영 기자]
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– Even in the first half of the coronavirus outbreak, the outlook that home appliance makers’ earnings this year will contract due to the global economic contraction and consumption slowdown was dominant. There have even been concerns that if some overseas production facilities are shut down, they will suffer double troubles in supply and demand.
However, in the second half of the year, the situation reversed. Demand for’pent-up (repressed)’ due to Corona 19 is greatly increasing, and the home appliance market is experiencing an unprecedented boom in the second half of the year. As overseas travel and outside activities became more difficult, the sentiment of reward consumption, replacing leisure consumption with consumer electronics consumption, had an impact. Also, as the time spent working at home has increased, the role of the residential space has expanded, which is also a good thing.
According to the home appliance industry on the 25th, as the COVID-19 outbreak is prolonged, external growth and evolution are occurring simultaneously in the home appliance market. In particular, the growth of products other than mainstream home appliances such as TVs, refrigerators and washing machines is remarkable. It is analyzed that the boundary between mainstream and non-alcoholic products is gradually disappearing as sales of dryers, air dressers, and dishwashers, which were classified as non-alcoholic products so far, increase. Consumers spend longer staying at home, and sales of products that make household work more convenient or save time, even if they are not essential home appliances, are on the rise.
This trend is also evident in sales statistics. According to Hi Mart, sales of some items increased by more than 100% compared to last year. As of the 23rd of this month, Hi Mart compared sales of home appliances this year with last year, and the growth rate of the dishwasher reached 145%. Clothing management and electric range sales increased by 55 and 22%, respectively, compared to last year. TV sales growth also reached 15%.
![Due to the increasing demand for home appliances, some new products from domestic home appliance manufacturers have to wait for nearly a month to receive products after purchase. On the 25th, consumers are looking at products to purchase refrigerators at a home appliance store in Seoul. [이충우 기자]](https://i0.wp.com/file.mk.co.kr/meet/neds/2020/12/image_readmed_2020_1321145_16088899384484933.jpg?w=600&ssl=1)
Due to the increasing demand for home appliances, some new products from domestic home appliance manufacturers have to wait for nearly a month to receive products after purchase. On the 25th, consumers are looking at products to purchase refrigerators at a home appliance store in Seoul. [이충우 기자]– In the case of Samsung Electronics, sales of dryers in the domestic market increased by about 60% on a cumulative basis in the third quarter of this year, while air dressers and dishwashers grew by about four times. In particular, as interest in health and hygiene is growing more than ever, home appliance manufacturers are also releasing products that meet hygiene needs. Home appliance makers are showing off most of their daily home appliances as products with enhanced sterilization function. LG Electronics launched a series of home appliances products using the high-temperature’Truce Team’ that boiled water at 100 degrees. It is explained that the product to which Trusteam is applied has sterilization performance that removes 99.99~99.999% of harmful bacteria and viruses. Trusteam boils water at 100 degrees to make the water particles finer and the amount of steam rich, so you can care for clothes, blankets, and tableware.
Samsung Electronics has adopted a sterilization cleaning function that removes 99.999% of harmful bacteria and viruses with high temperature water of 75 degrees through a direct water method that supplies clean water connected to a water pipe whenever washing in the Bespoke dishwasher.
Home appliance companies are even setting up their own research institutes that have received global certification to improve the quality of products related to health and hygiene. Samsung Electronics announced last year that’Eco Life Lab’ was certified as a microbial laboratory in Germany’s’TUV Rheinland’, a global testing and certification agency.
TV purchase demand is also increasing significantly. Consumers, who have found it difficult to go to movie theaters, concert halls, and concerts, are increasing their purchase of ultra-high-definition TVs to replace’intuition’. Global TV sales this year are expected to increase by 4.1% compared to last year to 223.83 million units. This is the highest sales volume since 2015. Samsung Electronics is expected to continue the No. 1 TV market sales for 15 consecutive years, selling about 49.2 million TVs this year. In particular, the growth of the game market is also having an impact. LG Electronics and Samsung Electronics are focusing on selling customized TV products to target consumers who have purchased new gaming consoles.
In addition, as the time to stay at home increases, the perception that residential spaces are more than places to eat and sleep, reflect personal preferences as they are. Accordingly, home appliance companies are releasing products tailored to the demanding interior eye level of consumers.
Since last year, Samsung Electronics has been introducing Bespoke kitchen products that can be customized. LG Electronics plans to lead the space interior home appliance trend with the’LG Object Collection’.
[박재영 기자]
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