PROSPECTS AND OPPORTUNITIES
Only limited growth moving forward, due to strong competition from retail e-commerce
After a further year of current value decline, appliances and electronics specialists in South Korea is expected to return to growth in the forecast period, with an overall positive CAGR. Continued decline in 2025 will be due to the difficult economic situation, and consumers’ reluctance to spend on anything other than essentials.
Lotte Hi-Mart to reinforce synergies between home appliances and furniture
Lotte Hi-Mart, which has long been struggling with a poor performance, is focusing on strengthening its home appliances and furniture businesses to drive business transformation. The company is already partnering with Hanssem, Korea’s largest furniture brand, in which Lotte Hi-Mart has previously invested, including a strategic investment when Hanssem was acquired by IMM Private Equity.
LG Electronics accelerates experience marketing to attract more customers
LG Electronics is enhancing customer engagement by increasing opportunities to directly experience its products and services. The company has launched a new experience space called Refresh Room, where customers can relax in a private space and experience various home appliances.
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Overview:
Understand the latest market trends and future growth opportunities for the Appliances and Electronics Specialists industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Appliances and Electronics Specialists industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Appliances and Electronics Specialists in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Appliances and Electronics Specialists in South Korea?
- Which are the leading retailers in Appliances and Electronics Specialists in South Korea?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Appliances and Electronics Specialists in South Korea - Category analysis
KEY DATA FINDINGS
Continued decline in sales for appliances and electronics specialists in 2024
ETLAND introduces LG Electronics subscription model
Hi-Mart offers cost-effective private label products
Only limited growth moving forward, due to strong competition from retail e-commerce
Lotte Hi-Mart to reinforce synergies between home appliances and furniture
LG Electronics accelerates experience marketing to attract more customers
Retail in South Korea - Industry Overview
Retail in 2024: The big picture
Competition for fast delivery in South Korea
Convenience stores are evolving into lifestyle platforms
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Summer Sale
Black Friday/Korea Sale Festa
DISCLAIMER
Appliances and Electronics Specialists
Appliances and electronics specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: domestic electrical appliances, consumer electronics (including mobile phones), and/or computers and peripherals. Appliances and electronics specialists value sales excludes revenues derived from telecoms service plans and top-up cards. Example brands include Apple, Best Buy, and Gome.
See all of our definitionsWhy buy this report?
- 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
This report originates from Passport, our Appliances and Electronics Specialists research and analysis database.
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