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Learn moreFeb 2019
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In 2017, refrigeration appliances suffered a moderate decline resulting from Colombia’s economic slowdown, political turmoil due to the presidential campaign and a rise in VAT all of which weakened consumer confidence. However, in 2018, there has been a return to growth with a slight recovery in the Colombian economy due to more stable inflation and interest rates, as well as the culmination of presidential election.
Demand for energy-efficient appliances continues to grow, with the majority carrying A, B and C classification. The consumer desire to improve and conserve energy usage is based on the environmental impact but also on saving money on utility bills.
Premium refrigeration appliances is seeing growth driven by high levels of customisation which provides consumers with flexibility when it comes to arranging and sorting food and beverages, with touch-screen controls, noise reduction and different cooling settings. New product launches such as Samsung’s French Door Family Hub Fridge and LG InstaView Door-in-Door have introduced in simple and elegant designs appliances with which consumers can quickly identify what they want without opening the door.
Samsung’s slogan “Innovation without limit” and LG’s “Better performance for energy saving” points toward their core business: Technological innovation to target high-income consumers. Connected fridge freezers saw strong growth over the review period with sales of these products accounting for a significant portion of high-priced refrigeration appliances.
Private label products do not have a significant presence in refrigeration appliances. Even though retailers and hypermarkets have launched private label products to attract consumers with cheaper prices and basic functionalities, consumers rely a lot on experience and brand name for this category, as they trust these brands to provide high-quality functional offerings and valuable after sale services.
Hypermarkets and electronics and appliance specialist together account for over half of all distribution in volume terms thanks to constant price promotions and a range of payment methods including deferred payments and the use of their store credit cards. Store-based retailers remain important as consumers like to physically compare brands and a product’s design and features.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Refrigeration Appliances industry in Colombia 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 Refrigeration Appliances industry in Colombia, 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 Appliances 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.