We discuss what the "the future home" means for India, and how consumers' perceptions of homes have changed over the last two years. We also discuss the importance of sustainability and key themes that companies are leveraging to appeal to consumers’ needs.
Samsung enjoyed a stellar 2021, as high demand continued to be driven by pandemic-related interest in TVs, smart wearables and headphones. To fight the competition from China, especially in smartphones, Samsung offered affordable 5G lines of smartphones, targeting tech-savvy but value-seeking consumers. Understanding the power of cross-selling and keeping consumers in one ecosystem, Samsung invested in the Samsung Galaxy ecosystem and service development, as a reaction to its closest rival Apple.
Vietnamese brands across diverse categories have experienced good growth in recent years. Supporting government policies, rising income levels, expansion in retail beyond urban centres, evolving marketing strategies and the right pricing strategies are among factors that are helping local brands grow in the country.
For almost 18 months, consumers were focused on basic food preparation and cooking appliances. In 2021, the focus shifted to eating better, home health and hygiene, and personal feel-good products. These habit-forming trends are expected to endure as consumers focus on themselves.
Consumer appliances in Southeast Asia has tremendous growth potential. As Southeast Asia's economy grows rapidly, urbanisation and higher disposable incomes will help stimulate sales in appliances. With manufacturers actively driving initiatives while providing “affordable premium” products, the future is bright for the industry.
Consumers had an interesting two years to prioritise the appliances in their homes. People continue to cook more at home, with many exploring new recipes from their social media feed. Growth has shifted from major appliances to small appliances predominantly in the food preparation and hygiene areas. Longer term, we expect the focus to shift to sustainability, interoperability, collaboration, migration to electric stoves, and increased D2C sales.