In addition to the problems caused by the pandemic in 2020-2022, some countries in the region (eg Japan) have also been impacted by inflation in recent years. Nevertheless, after three years of decline, positive, if extremely modest, growth was seen in 2023, with the Indian market a primary driver of these long-awaited signs of recovery. The dynamic Indian market will be responsible for 38% of new sales regionally over 2023-2028, with China, despite more modest growth, adding a further 23%.
This report comes in PPT.
The post-pandemic reopening of the country has not completely offset the negative impact of decreasing consumer confidence in China. The country continued to face economic uncertainties, causing a rise in consumer uncertainty about future income. This resulted in another year of declining demand for consumer appliances in China in 2023.
Localisation is positively impacting Indian consumer appliances as players increasingly invest in building new manufacturing facilities or expanded existing ones within the country. This translates into better demand planning for players as well as easier customisation of offerings to suit local preferences, while consumers also benefit from lower prices and fewer stockouts.
Panasonic has made the product development cycle longer for its products. Previously, it was usually one year, which has now been extended to two or three years. This means that the development team can focus more on new features that will benefit consumers in the longer term. Ideally, it will therefore generate more meaningful product enhancements for consumers.
Reducing energy consumption will likely remain a key concern for Indonesian consumers when selecting which products to buy, given the high cost of electricity and with most local households having a power capacity of only 2,200 watts. Manufacturers will likely therefore be launching more energy-efficient consumer appliances to meet this growing demand, particularly important for products in regular use, such as refrigerators or air conditioners.
Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.
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