Cookers recorded the strongest growth in 2018 and is expected to perform well in the forecast period. This bodes well for the overall category as cookers holds a considerable share of large cooking appliances’ sales.
Growth of large cooking appliances is also expected to be supported by increasing urbanisation where more Filipinos will move to high-rise residential areas. Such moves will also be stimulated by the availability of rent-to-own mortgages, mortgages with low or no deposit and low interest rates.
The average disposable income level in the Philippines has steadily risen over the review period due to its qualified and educated workforce and governmental policies that strengthened the country’s economic performance. Over the forecast period, income levels are projected to continue growing especially as Rodrigo Duterte’s administration intensifies its focus on further enhancing the economy.
European manufacturers of large cooking appliances have begun to enter the Philippines by establishing showrooms showcasing their product lines for homeowners who are able to afford aesthetically pleasing, premium-priced products. Gorenje, a Slovenian manufacturer, opened its first showroom in the Philippines in early-2018 to showcase its range of large cooking appliances that are made from high quality materials and which offer features that are child-proof, energy-efficient and seamless by incorporating touch technology.
The La Germania and Elba brands are prominent in cookers, range cookers and built-in hobs and cooker hoods thanks to high brand awareness amongst consumers and their wide distribution reach. Both brands offer a wide range of models at different prices to meet the budgets of consumers from middle to high-end households.
As large-cooking appliances are big-ticket items, local consumers are most concerned about product prices. As such, they tend to seek assistance from in-store salespeople to determine that they buy the best brands and products to suit their needs.
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This industry report originates from Passport, our Consumer Appliances market research database.