Thai Samsung Electronics Co has launched a sub-brand called Bespoke for refrigerator products in Thailand — the first country in Southeast Asia to see the brand — aimed at younger people willing to pay more for lifestyle products.
Jennifer Song, the company’s president of consumer electronics, said it picked Thailand as the first market because Thai consumers are similar to Koreans in terms of choosing design and lifestyle products.
There are also many detached housing projects in Thailand that could create more demand for the brand.
Ms Jennifer said the debut of Bespoke promises advanced home appliances.
Samsung has secured two-thirds of the refrigerator market in South Korea with products that appeal to millennials looking for distinct design.
During the pandemic, demand for home appliances has grown globally as people have had to stay home longer, said Krissada Wattanaraksakul, the firm’s business director for consumer electronics.
During the post-lockdown period in Thailand, the demand for refrigerators from May to July 2020 increased by 30%, which helped boost the total number of refrigerator sales last year to reach 1.9 million units, up from 1.7 million in 2019.
The market value also increased to 16.3 billion baht in 2020, up from 14.5 billion the previous year.
“Bespoke refrigerators are a game changer in the market here because it is a modular fridge that can fit in every living space and comes in various colours to match all moods and seasons,” Mr Krissada said.
The Bespoke refrigerator is debuting here in five colours and prices that start from 36,970 baht.
Samsung is targeting millennials who want self-reflecting products and will not hesitate to pay extra for brands that fit their lifestyle.
Paramee Thongcharoen, the company’s corporate marketing director, said the Thailand Creative and Design Center stated in its post-pandemic market research report that millennials — one-third of the Thai population — spend 70% of their time at home.
Sales of Samsung refrigerators in 2020 rose by 18%, beating the industry’s growth rate of 12%.
With a consumer-centric strategy, the company expects sales of Samsung refrigerators in 2021 to grow 28% year-on-year, with Bespoke refrigerators contributing 10% of all Samsung refrigerator products.
The overall refrigerator market in Thailand is projected to grow 7% to 17.5 billion baht this year.
Thailand’s consumer electronics market was valued at 81.8 billion baht in 2020, a decline of 0.9% from the previous year.
Yet the total number of electronics rose 14.9% to 9.98 million units.