Dishwashers in Venezuela - New Market Study Published

From: Fast Market Research, Inc.
Published: Sat Mar 14 2015

Due to the shortage of foreign exchange and restrictions on imports, importers have to streamline orders to supply their products for sale. Companies are importing a greater share of the most essential appliances for Venezuelan consumers, such as kitchen equipment, washing machines and fridges; negatively affecting dishwashers. Retailers had almost no dishwashers to offer, as this is not considered a basic appliance by the population, and is addressed to a small number of consumers with greater purchasing power. Dishwashers are usually seen in upper-income households with more than four people in Venezuela, with it still being uncommon to see dishwashers in single-person households. Households of couples with children represented 46% of total households, to reach 3 million in 2014. By contrast, single-person households represented only 6%, at 460,000. Certainly single-person households are increasing faster than households with couples with children, but in 2014 this continued to be a small market, and companies in this challenging environment made efforts to supply other types of appliances, which are basic for Venezuelan consumers.

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Competitive Landscape

In the review period dishwashers saw decreased volume sales of the leading brands, fragmenting the category, as major electronics and appliance specialist retailers focused on selling essential appliances such as cookers, home laundry appliances and refrigeration appliances. Therefore, home improvement and gardening stores centralised sales this type of products. However, "others" represented a 29% share of volume sales in 2014, and companies such as Electrolux Comercial de Venezuela also gained share in 2014. This company led dishwashers with its brand Frigidaire with a 29% share in 2014, and Whirlpool held a 24% share in volume terms and was ranked second.

Industry Prospects

Dishwasher is set to see a negative volume CAGR of 12% over the forecast period, due to the economic crisis and import restrictions. It is expected that towards the end of the forecast period the economy in Venezuela will see a degree of recovery, and trade sources argue that social pressure will compel the government to ease restrictions on imports or improve production to avoid greater social unrest. However, dishwashers is a category with low priority in the Venezuelan market, and its development is expected to be slower than essential products such as cookers, washing machines and refrigeration appliances. Furthermore, financially constrained consumers will continue to see dishwashers as a luxury category, unaffordable under the circumstances.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Dishwashers industry in Venezuela with research from Euromonitor's team of in-country analysts.

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Company: Fast Market Research, Inc.
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