Samsung targeting 80% growth in premium consumer electronics in the festive season – Times of India

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Consumer electronics giant Samsung is bullish about the upcoming festival season across the country. The company is especially upbeat about the demand for its premium consumer electronics products. Mohandeep Singh, senior vice president, consumer electronics business, Samsung India in a conversation with The Times of India-GadgetsNow, said the company is expecting a growth of 80% in the premium segment across product categories.
Singh is upbeat about record-high sales driven by strong positive consumer sentiment that the company saw during the recent Onam festival and also during the Independence Day sale. During Onam, Singh said that Samsung grew by 45% over the same period last year in Kerala and the company expects the momentum to continue through the rest of the festive period across the country.
Talking about buying trends, Singh said that consumer preferences have evolved during pandemic and the upgrade trend is here to stay. Big screen TVs, premium audio devices, large-size washing machines (9 kg-plus) and refrigerators have become a norm as consumers see the utility in spending a little extra for their comfort and to experience advanced technology.
“We saw 2X growth in premium TVs and 350-litre and above refrigerators and 3X growth in demand for our soundbars, this Onam and are confident that this premium growth momentum will continue for rest of the festive season. The demand for our flagship Neo QLED TVs has quadrupled since last year,” said Singh.
In the large washing machines segment, 9 kg and above, Samsung is expecting 5X growth during the festive months.
Singh pointed out that laundry care has become a popular topic at home over the past two years as families are sharing more responsibilities and performing household chores together.
“Consumers are investing more time in choosing the right products that really fit their way of life. We at Samsung are continuously expanding our selection of washing machines and introducing a slew of new features to complement their lifestyles,” he said.
In the refrigerator segment, Singh said Samsung expects to lead the market with a 35% market share by the end of this festive season. This growth will be led by consumers’ increasing demand and the company also plans to roll out attractive deals and offers on the entire product range.
An interesting trend this festive season is the coming back of consumers to physical retail stores.
“Consumers want to experience products. They want to touch and feel consumer electronics before buying, which is why we are enhancing our in-store experience for consumers by increasing the visibility of premium products. This year, we are increasing our retail investments by 2X,” he said.
Samsung has started a new Store+ initiative in 300+ stores where consumers can order consumer electronics products online from the store, ensuring an endless aisle.
Over the last few months, Samsung has launched a slew of products across segments, especially premium products including the Neo QLED TVs, The Freestyle projector, soundbars and the new AI Ecobubble washing machines


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