Record High TV Sales Continue 'Homebody' Trend Driving Appliance Boom

Global TV Shipments Reach All-Time High
Significant Increase in Sales of Dryers, Dishwashers, Refrigerators, and Other Home Appliances

TV, modern flat screen LCD, LED.

[Asia Economy Reporter Changhwan Lee] As the prolonged COVID-19 pandemic has increased the number of 'homebodies,' the demand for TVs has surged accordingly. Global TV shipments in October reached the highest level ever recorded for that month. Sales of household appliances such as dryers, dishwashers, and clothing care devices have also continued to rise.

According to market research firm Omdia on the 17th, global TV shipments in October reached 25.47 million units, a 5.6% increase compared to the same month last year. This is the highest sales figure so far this year and the highest ever recorded for October.

The global TV market declined by about 7% in the first half of this year due to the impact of COVID-19 but has shown a rebound since the second half. The prolonged pandemic has activated remote work and online classes, significantly increasing TV demand.

By company, Korean firms leading the global TV market, such as Samsung Electronics and LG Electronics, have shown remarkable performance. Samsung Electronics' shipments in October increased by 13% year-on-year, and LG Electronics by 5%. In particular, Samsung Electronics' market share based on October shipments was 26.3%, the highest level since November 2014.

Due to the prolonged COVID-19 situation and the popularity of premium products, the TV market boom is expected to continue into next year. KB Securities forecast that the combined TV shipments of Samsung Electronics and LG Electronics will reach 82 million units next year, setting a record high. Samsung Electronics' shipments are expected to increase by 4% to 51 million units, and LG Electronics' by 19% to 31 million units.

Continued Increase in Demand for Household Appliances Including Dryers, Refrigerators, Dishwashers, and Clothing Care Devices

Not only TVs but also sales of household appliances such as dryers, dishwashers, refrigerators, clothing care devices, and PCs have clearly increased. The household appliances that have attracted the most attention this year are hygiene-related appliances such as dryers, washing machines, dishwashers, and clothing care devices.

Due to the impact of COVID-19, awareness of hygiene has risen, and the burden of housework has increased, leading to explosive interest in hygiene appliances. According to the home appliance distribution industry, the market size of these hygiene appliances is estimated to have increased by at least 30% compared to last year.

Thanks to this, Samsung Electronics' CE (Consumer Electronics) division recorded its highest-ever operating profit of 1.56 trillion won in the third quarter. Samsung Electronics also performed better than expected due to the great popularity of its customized appliance series, Bespoke.

LG Electronics' H&A (Home Appliance & Air Solution) division also recorded its highest-ever third-quarter operating profit of 671.5 billion won. Steam appliances such as Stylers, dryers, and dishwashers were very popular and drove the performance.

The industry expects the home appliance boom for Samsung Electronics and LG Electronics to continue at least until next year. Recently, the popularity of premium products has also contributed to improved performance. Samsung's QLED TVs and Micro LED TVs, LG's OLED TVs and Rollable TVs are popular, and Samsung Bespoke and LG Objet Collection are leading premium appliance sales.

An industry official said, "As the COVID-19 situation prolongs, consumers are no longer hesitant to buy expensive and high-quality appliances. We expect this trend to continue for a considerable period."

This content was produced with the assistance of AI translation services.