Microwaves has the potential for growth in urban centres, where lifestyles are more hectic than in rural areas where cookers and wood stoves are still present. Dynamic lifestyles have changed the habits of Venezuelan consumers, who have embraced microwaves as a convenient solution for the quick heating and defrosting of food.
Although the average unit price of microwaves continued to record a strong increase in 2018, these still remain the cheapest products within large cooking appliances, costing less than half the price of a cooker. On the other hand, convenient, rapid meal solutions remain important to busy Venezuelans, who often cannot afford ready meals as a frequent choice, which is limiting the potential of microwaves.
Freestanding microwaves will remain the key growth area over the forecast period, while no significant changes in the sales of built-in microwaves are expected if housing construction remains idle. Sales of built-in microwaves remain negligible in Venezuela in 2018 due to the large expense associated with kitchen remodelling or construction.
Samsung Electronics de Venezuela is ranked first in microwaves, followed by Panasonic de Venezuela. Both companies benefit from a strong presence in retailers.
Price and guaranteed after-sales service are the factors Venezuelan households assess when deciding on the purchase of a new microwave. Large price increases on basic goods such as food and medical care has reduced the financial resources available to Venezuelan households for purchasing major appliances.
As long as the current economic model remains unchanged it is expected that the government will continue to exercise a monopoly power on imports and will continue to restrict access to foreign currency for importers and manufacturers. It will also likely maintain an oversight on companies by regulating the prices they charge to consumers, relying on the Law of Fair Prices.
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This industry report originates from Passport, our Consumer Appliances market research database.