Slovakia’s economy is steadily growing with rising GDP, declining unemployment and increasing household expenditure. The outlook for the home appliance market in Slovakia is positive due to macroeconomic trends and poised to have steady growth in the future. There is a rising demand for home appliances in the market and consumers are looking for greater comfort and efficiency. They are also focusing on innovation in the products and asking for quality at a reasonable price.
Also, there are positive market sentiments for both large and small home appliances in the Slovenian market. For all categories, there is an increase in the average selling price and people are willing to pay more for premium products in the market.
Key Market Trends
E-Commerce is Growing Influence on Purchase of Home Appliances in Slovakia
When ordering online via internet price, reliability and speed are the main priorities for Slovaks. E-commerce and mobile commerce have gained more and more market, with this shift expected to continue as further sales channels such as social media platforms and smart devices will grow the current portfolio. This is mainly because Slovakia has a lot of young population who prefer communicating and shopping online.
Earlier Slovaks preferred immediate purchase in stores mainly because they could look, feel, try and get detailed information from the seller about the selected product. They were also terrified of a possible claim of goods. But the situation has changed, and the Slovaks are not anxious to order larger appliances online. This is mainly due to the convenience of ordering online and fast delivery to homes through channels.
It is common to see the majority of companies running a parallel offline and online panel of stores to remain competitive. Retailers are focused on combining offline and online shopping to build positive customer experience.
Increasing Demand of Coffee Machines in Slovakia in Small Appliance Segment
Slovak consumers are demanding fresh coffee beans and ground beans compared with higher standard fresh ground coffee or instant coffee as they offer the advantage to prepare higher quality drinks. This is heading to the growing use of coffee machines and grinders.
Automatic coffee machines are also gaining popularity among consumers in Slovakia. As coffee remains a popular choice among Slovak consumers, they tend to prepare this coffee at homes using coffee machines, thus demanding more innovative and technologically advanced products in the segment.
The home appliance market in Slovakia is consolidated as fewer players have the majority of market share in the country. Large international brands are acting as suppliers to these retailers. Players should focus on innovation and energy-efficient products in order to grow in the market. Major players in the Slovakia home appliance market are Nay, Fast Plus, Electrolux and Arcelik A.S.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support