Large Home Appliances - China - October 2019
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The large household appliance market, long viewed as conventional and static, is breaking stride with tradition and revolutionizing in response to today’s uncertain market climate. The real estate sector used to be the market’s strongest driving force but has gradually lost momentum and isn’t likely to recover anytime soon. Therefore, the large household appliance market is looking for ways to generate more revenue on its own terms.
The young and single are a rising target segment for the next generation of large household appliance companies. This group of consumers view appliances as an integral component of a home’s decor. Style matters for these younger generations. As this demographic group lacks experience of buying household appliances, they value good customer service and peer reviews as important factors for consideration when purchasing large household appliances.
“The large home appliance market should cater to the needs of different consumer groups. We expect to see more household appliances targeting small families. Young, single consumers value the ability to control large household appliances from the palm of their hands, while older consumers are more concerned about practicality and automation. Smart household appliances are the big trend but there is a large gap between consumers’ expectations of smartness learned from marketing and the everyday smart functions they want in large appliances.”
– Roger Shi, Research Analyst
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