Refrigeration Appliances in Venezuela

PROSPECTS

Volume sales of refrigeration appliances continue to decline in 2018

While suppliers have been unable to replenish inventories, new arrivals have not sold out as quickly as they once did. Previously consumers were inclined to buy as many units as they could in anticipation of future shortages.

Electric wine coolers/chillers remains a niche

Venezuelans are staying at home, with Caracas ranked as one of the most violent capital cities in the world by several international agencies. Consumers are unwilling to frequent on-trade establishments, especially at night, when it is more dangerous.

Refrigeration appliances remain centre stage in government sponsored programmes

Complicated import restrictions and varying exchange rate policies are a huge challenge for companies. However, a key to growth is creating strategies to take advantage of special agreements with the government –such as the one Haier has – which can help to ensure sales in Venezuela.

COMPETITIVE LANDSCAPE

Haier continues to lead refrigeration appliances

Haier has led refrigeration appliances since 2013, when it took the leadership from MABE de Venezuela, due to its strong position in fridge freezers. The advantage Haier has over its competitors is mass sales through a special agreement with the Venezuelan government, which guarantees it foreign currency to import products.

Foreign brands dominate

Many multinational companies have closed their commercial departments in Venezuela while leaving a reduced staff working in their administration departments due to a lack of inventory and an inability to import products from other countries. Nevertheless, retailers have helped to maintain a presence for their brands.

Service and price are the most important attributes for consumers

A hostile business environment limited the entry of new brands during 2017 and also caused the loss of many existing brands due in part to escalating prices. As a result, service and price have become the most important factors in purchasing decisions in 2018.

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