LG's cream-of-the-crop range of consumer electronics and home appliances - available only in South Korea, the United States and Germany - is coming to Singapore in May.
Dubbed the LG Signature series, these products consist of an Oled TV, a refrigerator, a washing machine and an air purifier.
They are significantly more expensive than mainstream models. For instance, the LG Signature Oled TV W starts from US$7,999 (S$11,348) for the 65-inch model in the US, while the stainless steel LG Signature InstaView Door-in-Door refrigerator is priced at US$8,499.
At LG's annual Innofest conference in Jeju Island in South Korea, an event which showcases its latest product designs, vice-president of global marketing Ian Kim said that Singapore is a good test market to launch innovative products because there are discerning users who can give valuable feedback.
He added that the market for premium consumer electronics goods is growing at around 7 to 8 per cent in terms of revenue, compared with the flat 1 to 2 per cent for mainstream models.
Mr Wee Teck Loo, head of consumer electronics at market research firm Euromonitor, noted that high-end models will do well in developed markets like Singapore because consumers have more disposable income.
He added that there is an upward trend of around 11 per cent in average LCD TV prices in Singapore from 2016 to 2021. But the increase is not due to high-end models.
"Ultimately, the main revenue drivers are entry and mid-range models and having a premium level has a minimum financial impact for a company," he said.
This article was first published on Mar 15, 2017.
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