Market Trends of Latin America Washing Machine Industry
Increasing Online sales for Washing Machines
Departmental Stores dominate large appliance sales in the market. E-commerce channels are leading market sales. Consumers are growing in preference for online channels and are interestingly using credit cards, debit cards, and internet banking to shop for laundry appliances. Players are developing virtual wallets so consumers can pay and put the amount in the safe and secure environment of the company's wallet. Smartphones are becoming an increasing choice for consumers. 58% of consumers are choosing online sales due to security in the purchase process, 54% because of diversity in payment methods, and 35% due to logistic speed. Due to reduced costs, online sales channels for laundry appliances are also getting consumers to buy through them. Mercado Libre is one of the most preferred online shopping channels for buying appliances in Latin America as it offers more security to consumers.
Brazil Signifying the Strongest Washing Machine Market in Latin America Region
Growth in Brazil's economy spurred the demand in the market. Cutting off credit rates led to higher appliance sales, including laundry appliances. Automatic Washing Machines are gaining traction in Brazil's laundry appliance market. Due to space constraints in major cities and hectic lifestyles, consumers in the market are seeking more convenient products that save time. Smaller-sized automatic washing machines are the preferred choice for consumers in the market. Due to the dense population, consumers also prefer large-capacity washing machines in the market.
