The COVID-19 pandemic placed extreme pressure on demand for major appliances generally during 2020 and refrigeration appliances were no exception to this. As demand for refrigeration appliances generally plummeted over the course of 2020, one bright spot in the category was the huge increase noted in demand for large-capacity fridges and fridge-freezers.
Freezers was the category of refrigeration appliances in which sales were least negatively affected by the COVID-19 situation that unfolded over the course of 2020. One of the more interesting reasons that has been cited as a basis for this is that demand for freezers increased due to an increase in informal entrepreneurial activity among people who faced reductions in their household incomes or who were laid off due to the impact of the COVID-19 pandemic.
One of the major reasons for sales of refrigeration appliances coming under pressure during 2020 was the unavailability of electronics and appliances specialist retailers for several weeks during the quarantine lockdown that was in place in the Philippines in response to the COVID-19 pandemic. In response, brand owners and store-based retailers sought to encourage consumers to make use of e-commerce to purchase refrigeration appliances.
With sales of refrigeration appliances expected to rebound strongly during the forecast period, the major influence on this positive performance is expected to be the return of consumer confidence as the adverse and uncertain economic environment that unfolded over the course of 2020 gives way to a stabler, more positive economic scenario. It is expected that income levels will rise and that job security will improve, with the resultant buoyant consumer confidence expected to encourage many households to invest in new refrigeration appliances.
Sales of refrigeration appliances are expected to return to pre-COVID-19 levels by the end of 2022. In addition to the anticipated recovery of the Philippine economy, one of the major spurs on category growth is expected to be rising health consciousness among the Philippine population.
The leading brand owners in refrigeration appliances and the category’s leading retailers have expressed their expectation that the boost provided to growth in sales of freezers by budding foodservice entrepreneurs will begin to recede as early as 2021. This is because the adverse economic environment that motivated widespread layoffs and reductions in income for many Philippine workers and small businesspeople is expected to be resolved by the end of 2021.
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Understand the latest market trends and future growth opportunities for the Refrigeration Appliances industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Refrigeration Appliances research and analysis database.
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