According to Jared Kim, president of LG in Colombia, in the first four months of the year, the company reports a 30 percent growth in its sales, with a recovery in the premium segment.
How do you analyze the Colombian market in these first months of the year?
LG Electronics has been present in Colombia for 23 years and the brand has always seen the country as a land full of opportunities. Regarding the general panorama in Colombia, we have reported the impact that the country’s economy (and Latin America) has suffered due to high inflation, which led to a slowdown in household spending at the end of 2022 and the beginning of the 2023. However, we have seen a gradual recovery in the last four months of the year vs. 2022especially in premium product categories, which indicates that high-quality household appliances are valued, with greater technological innovation and are willing to pay for it.
What is LG’s market share in Colombia?
We lead the home appliance market in several categories, especially in some Premium product segments. For example, in the television category, we have the leader in OLED technology with a 92 percent sharethanks to the fact that LG has been developing this technology in the world market for 10 years.
On the other hand, we have the leadership in the large-inch TV market with a 45 percent share. In white goods, we have 52 percent in front-loading washing machines.
And in other segments?
In air conditioners we have a 13 percent share with Dual Inverter residential air conditioning, an air conditioner that has energy saving technology, rapid cooling and at the same time cares for the planet. In the audio category, the share is 28 percent in the segment of sound towers or speakers and in the category of monitors, we lead the market with the Ultrawide Monitor, with 82 percent.
LG appliances that incorporate AI.
Courtesy LG Newsroom
How have you been this year?
In general terms we have had a good performance in sales. In the January-April period, we achieved a growth of 30 percent, compared to the same period in 2022.
How does the slowdown impact?
Although the economic slowdown and lower consumption may influence the demand for products in various sectors, including home appliances, at LG we will continue strengthening our product portfolio, introducing the Colombian market new references even more accessible.
What has been the pricing policy followed by the company this year?
With the exchange situation, LG has had to adjust its pricing strategy and product mix, but along with this we have required ourselves to deliver services that complement the brand’s value offer, which translates into benefits for users such as free installation.
What are the goals for the end of 2023?
We have the best prospects for the remainder of the year, we see that Colombia is recovering and at LG we will continue working to provide users with high-quality technological solutions. As an example of this, it is planned to introduce this year, for example, LG OLED Televisions with improved functionalities. And we will continue to strengthen our customer service.
