Summary

The home appliances market in Colombia is a dynamic market that has enormous scope to expand. Improving technological innovations are shaping the market at a global level. The sales in the region are highly driven by the innovation that is being introduced in the new products that are being launched. The growing concerns of the environment are making the Colombians switch to products that conserve less electricity and water. Colombian consumers are strongly influenced by brands, fashion trends, and promotions, yet there is also a strong influence of traditions on them. The increasing levels of brand loyalty are also being seen in the region. The brands which offer value-added services, like periodic after-sale service, extended warranty, replacing a faulty part if required, simple and quick procedures of communication and servicing, are the factors that are affecting the consumers' decision making once they get a product that fits their requirement of quality and price.

Key Market Trends

Technically Advanced Features in Small Kitchen Appliances are Grabbing a Major Share of the Market

The convenience that the product brings to the consumers' life is making them go for it. The small home appliances come with a shorter lifespan, which makes it easy for the consumer to replace or exchange them for a newer model. Customers' choices are making a transition. They are shifting to an innovative and energy-efficient product for their daily utilization. Products like egg cookers are the best example that explains the increasing manufacturers' interest to focus more on automating people’s daily activities by taking a load off their shoulders. They are also improving accuracy and are bringing innovation by producing multi-utility products than single utility products.

Changing Preference to E-commerce Platforms is Going to Change the Face of the Distribution

The swift from multi-brand stores to various e-commerce platforms was seen over the study period in Colombia. Previously consumers used to prefer different stores in order to make a decision on which brand to choose. The increasing internet access across the globe has made a massive change in the way a customer does their shopping. There are still concerns from the customers in Argentina over the security provided to the banking information when they make a purchase through platforms. The growing number of this trend can be seen when the concerns of this kind were addressed by the providers.

Competitive Landscape

The report covers major international players operating in the Colombian home appliances market. The market holds an enormous scope for newcomers to enter by introducing home appliance products that have high quality and innovative features.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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