Market Trends of South Korea Small Home Appliances Industry
This section covers the major market trends shaping the South Korea Small Home Appliances Market according to our research experts:
Rise in Number of Single Households in South Korea is Leading to Surge in Demand for Small Home Appliances
The number of single-person households surged by more than two million as of July 2019 in South Korea. Cities, such as Gyeonggi-do, Seoul, and Busan, have the highest number of single households in South Korea. The rise in small households is leading to a surge in demand for small appliances. Toasters, coffee machines, juicers, robot cleaners, and irons were popular for small household appliance products suitable for 1 to 2 households. Small refrigerators and small washing machines for single-person households established new markets in the South Korean appliances market.
Increase in Preference for Vacuum Cleaners in the South Korean Small Home Appliance Market
There has been significant growth in the sale of vacuum cleaners in the South Korean Home Appliance Market. The sale of vacuum cleaners increased by 9% in 2018. Cordless vacuum cleaners are emerging as a major category of vacuum cleaners in South Korea. These vacuum cleaners are more convenient to consumers, with shorter battery life, and they are more expensive than other variants. There is also a rise in the growth of air cleaners in the market, as fine dust problems are becoming serious. It is also observed that the number of consumers buying premium products is increasing in the small home appliance market.
