In Economic Downturn... SMEs Focus on Practical 'Small Home Appliances'

Winix Launches 'Compact Dryer' for Single-Person Households
Shinil Introduces '6kg Capacity High-Speed Spin Dryer'
SK Magic Releases '6-Person Dishwasher' with 30% Reduced Size
Appliance Market Stagnates Amid High Inflation and Economic Downturn... Strategies Tailored for Single-Person Households
Global Small Appliance Market Expected to Reach 91 Trillion Won by 2030

[Asia Economy Reporter Kwak Min-jae] Practical small home appliances targeting consumers amid the economic downturn are being released one after another. With the increase in single-person households and the stay-at-home era coinciding, existing large-sized home appliances are becoming smaller and more affordable. The global small home appliance market is expected to exceed 91 trillion KRW by 2030.

According to the industry on the 22nd, small and medium-sized enterprises are entering the competition for 'compact appliances.' Winix launched a 'Compact Dryer (4kg)' in August for single-person households with small laundry loads or limited laundry space. Since entering the related market with a mid-sized dryer (8kg) in 2018, they have expanded their lineup. In particular, this product gained popularity among consumers, selling 3,400 units in a short time on Lotte Home Shopping's Choi Yura Show. A Winix representative said, "With the successful establishment of the mini dryer market, we will continue to strive to release reasonable premium products for consumers."

Shinil Electronics, famous for its fans, also introduced a 6kg high-speed spin dryer in August. Shinil explained that its compact size makes it suitable for single-person households with small laundry loads. It can be used outdoors, such as at campsites, without worrying about drainage by simply connecting one power cord. The internal spin tub is made of stainless steel to enhance durability and hygiene, and it is equipped with a double safety device.

SK Magic also released a '6-person dishwasher' in the first half of this year. The product size is reduced by more than 30% compared to regular models, making it installable even in studio apartments or small-sized homes with limited kitchen space. Although smaller, the capacity is the largest compared to models of the same class, according to the company. The upper and lower two-tier tray separation structure allows washing dishes for up to six people at once, and large pots and frying pans can be loaded comfortably. An SK Magic representative said, "The perforation size of the water supply line is the same 10mm as that of water purifiers, reducing installation burden," adding, "Sales are increasing mainly among young consumers as space damage caused by perforation is minimized during moving."

The reason small and medium-sized companies are consecutively launching small home appliances is that, amid rising prices and economic stagnation causing the home appliance market to stagnate, they are implementing customized strategies targeting the increasing number of small families and single-person households. In fact, the number of single-person households in Korea is rapidly increasing. According to the '2022 Administrative Safety Statistical Yearbook' released by the Ministry of the Interior and Safety, single-person households accounted for 9,461,695 households as of the end of last year, representing 40.3% of the total 23,472,895 households. This is the first time the number of single-person households in Korea has exceeded 40%. Along with demographic changes, the global small home appliance market size is also expected to steadily grow. According to global market research firm Cision, the small home appliance market size, which was $38.63786 billion (52.2886 trillion KRW) in 2020, is expected to grow at an average annual rate of 5.86% and reach $67.9 billion (91.8619 trillion KRW) by 2030.

As sales of small home appliances increase, large home appliance retailers are also focusing on small appliance demand. Electronic Land composed more than 45% of small home appliance items among the models in its 34th-anniversary discount event held this month. Hi-Mart anticipated the continued popularity of small models targeting single-person households and held an event last month offering kitchen appliances such as food waste disposers at discounts of up to 30%.

Professor Lee Eun-hee of Inha University’s Department of Consumer Studies said, "In a situation where the home appliance market is stagnant due to high prices and economic downturn, the move by mid-sized home appliance companies to differentiate themselves with small home appliances specialized for single-person households along with related services is a reasonable strategy," adding, "As the proportion of single-person households rapidly increases every year and has exceeded 40%, the release of small home appliance products will increase further in the future."

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