Samsung is betting on premium consumer electronics to drive festive growth

The South Korean technology giant Samsung has kickstarted the festive season on a high note. Registering the highest ever sales for its UHD TVs, washing machines, 350 litres and above frost-free refrigerators during the Independence sale this year, registering a 45 per cent overall growth over 2021 in Kerala during Onam. Now, the company is hopeful of a bumper festive season.

Mohandeep Singh, Senior Vice President, Consumer Electronics, Samsung India, told Business Today, “A lot of the categories within consumer electronics are planned purchases. We expect aggressive growth of 45 per cent for our overall consumer electronics business during this festive season. We still have a sentiment where consumers wait for the festivity to reward themselves.”

Samsung’s festive growth will be led by its premium offerings, which currently constitute 35 per cent of its overall consumer electronics business. “In the premium segment, we are expecting a growth of 80 per cent as consumer preference is moving towards premium, lifestyle products this festive season. Consumers are very receptive to our NEO QLED & 8K QLED TVs, Side by Side Refrigerators, Fully Automatic Front Load Washing Machines and Freestyle Projector,” added Singh.

The recently launched premium products across the range, including Neo QLED TVs, The Frame TV, Freestyle projector, soundbars, AI Eco bubble washing machine and vacuum cleaners, have witnessed an overwhelming response, according to Singh. To further leverage the market sentiment, Samsung has introduced festive offers and easy financing schemes as these offers help increase affordability. For instance, Samsung is giving the flagship Galaxy S22 with Bespoke refrigerators, extended warranty on TVs, additional cashback, easy EMI and more. Consumers are also increasingly adopting credit payment mode, which is becoming a significant enabler of sales.

Offline sale picking up

After two years of hiatus due to the COVID-19 pandemic, consumers are returning to offline retail. For this, Samsung is enhancing its retail experience and has increased the retail investment by 2x. “As the consumers are back in stores after the pandemic, we have enhanced the display of premium products such as large screen TV (98-inch, 85-inch) and lifestyle products such as The Frame & Freestyle projector etc. We have trained over 5000+ ID partners,” said Singh. 

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