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Learn moreOct 2020
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The COVID-19 pandemic has been reshaping the normal trends seen in consumer electronics. Among the changes seen due to the virus and the measures taken to slow its spread are a reduction in offline marketing promotions and disruption of overseas supply chains, particularly due to the closure of Chinese factories, negatively impacting the market.
The South Korean authorities avoided lockdowns by instead pursuing a strategy of early and aggressive mass testing, isolating anybody infected and tracking their movements to locate other people who had come into contact with them. Within two weeks of its first case, the country was producing more than 100,000 test kits per day and it had tested over 600,000 people by early May.
The leading companies continue to introduce their advanced technology products to the market in 2020, although many of them are not being backed by as much in-store promotion as usual due to the COVID-19 pandemic. Samsung Electronics continues to be in a strong leading position in consumer electronics in South Korea, with its performance being boosted by new products like its flagship smartphone S20, Galaxy Z Flip, large-screen QLED TVs, Harman speakers, Galaxy Watch Active2 with blood pressure function, Galaxy Tab S6 Lite and gaming monitors.
The major distribution channel continues to be electronics and appliance specialist retailers in South Korea in 2020. These stores are plentiful and therefore easily accessible to consumers across the country, also offering various price promotions and free gifts to encourage consumers to make purchases in them.
After three years of declining sales, consumers electronics is expected to post positive CAGRs over the forecast period, with sales recovering in most areas from any downturns seen during 2020 as a result of the impact of COVID-19 and the measures taken to contain its spread. However, not all areas of the market will see improving performances as South Korea emerges from the pandemic period, for example, computers and peripherals is expected to see slightly slower growth than in 2020 as the offices and schools reopen and consumers no longer need to purchase extra computers and peripherals for working or studying from home.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Consumer Electronics industry in South Korea with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Electronics industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Consumer Electronics market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.