Large cooking appliances is expected to post slower volume growth over the forecast period, mainly due to increasing maturity in some areas. During August 2017, the Vietnamese government proposed the implementation of a specified tax for second house owners, thus limiting the rate of new house and apartment purchases from the end of 2017 until the beginning of 2018, when this policy was officially rejected.
When choosing large consumer appliances, Vietnamese consumers tend to prefer imported brands from Thailand, Germany and Italy such as Bosch, Fagor or Electrolux. Mostly purchasing in specified retailers, consumers are willing to wait for a long time to receive imported products as they believe they are of higher quality and classier.
The key factors when consumers choose a product in this area are the inclusion of inverter technology, smooth operation, an air filter and cleaning functions. In addition, a brand’s reputation and warranty period are also considered.
Rinnai Vietnam continues to lead large cooking appliances, mainly because of the company’s strong reputation among consumers. Moreover, Rinnai offers products in a variety of price ranges, accessible to even lower-income consumers.
Consumers remain price sensitive when it comes to purchasing large cooking appliances. Despite their luxurious appearance, price remains the main problem for built-in appliances when it comes to competing with freestanding products.
In terms of price range, Rinnai and Goldsun are spreading their products among all segments. On the other hand, Fagor still focuses on high-end customers, charging a distinctively higher price than competitors and offering a more luxurious design suitable for premium apartments.
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This industry report originates from Passport, our Consumer Appliances market research database.