Samsung targets strong growth in premium segment | The Financial Express

Samsung targets strong growth in premium segment

Company saw two-fold growth in high-end TVs and 3X in soundbars in Aug; festive season to witness demand boost

Samsung targets strong growth in premium segment
Mohandeep Singh, senior vice-president, Consumer Electronics Business, Samsung India

Consumer sentiment for festive buying is riding high across the country. Samsung is ready to capitalise on the premium products segment this festive season; the South Korean consumer electronics brand reckons its premium segment is going to lead the sales and clock-in a whopping 80% growth this festive season.

“With premiumisation trend on the rise, the company registered robust performance during Independence Day and Onam sales on the back of a strong retail strategy, faster consumer adoption and introduction of new, innovative products,” said Mohandeep Singh, senior VP, Consumer Electronics Business, Samsung India.

“Premiumisation has seen a sharp rise as consumers across the country are upgrading to innovative products that make household chores seamless and efficient and enhance their lifestyles. We expect the sales of our premium TVs and digital appliances to grow by 80% by the end of the festive period,” he informed.

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Achieving multiple first-ever milestones this Independence Day, Samsung registered the highest ever sale in premium categories such as UHD TV, fully automatic front load washing machine, and 350-litre and above refrigerators categories. Also, the brand’s sales of premium lifestyle TV category and frost-free refrigerators in 350L and above capacity doubled while soundbars sales tripled over last year in Kerala during Onam festival. This year, it expects its premium TV segment clocking-in a growth of 45% by the end of the festive period.

What makes Samsung’s TVs so popular amongst consumers? Singh adds, “At the heart of Samsung TVs is next generation innovation to deliver immaculate, true-to-life picture quality. Our Neo QLED 8K is designed to be much more than a TV. It can be a game console, a virtual playground, a Smart Hub to control your home and your perfect partner to improve efficiency. It comes with ‘100 million lights’ to bring alive every tiny detail and we have seen 4X growth over last year by four times.”

Not just that, as in-home entertainment experiences are gaining momentum in consumers’ lives, in the UHD segment, Samsung claims to be outpacing the market growth. In H1 2022, the brand registered an astounding 65% growth in the UHD TV category.

This year Samsung has also increased its retail investment by 2X as consumers are back in stores after the pandemic.

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