The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    K-pop group Kingdom recalls album cover resembling Quran

  • 3

    BTS' Jungkook to drop 2nd solo single '3D'

  • 5

    4 in 10 Koreans experience overdue wages: survey

  • 7

    Korea has world's highest senior poverty rate: data

  • 9

    Korean tennis player Kwon Soon-woo eliminated in 2nd round at Hangzhou Asiad

  • 11

    K-pop fans rally in Seoul against luxury brands' failure on climate action

  • 13

    Serial killer transferred to detention center in Seoul equipped with execution chamber

  • 15

    Korean gov't faces international criticism for R&D budget cuts

  • 17

    Hyundai Steel decides to form steel pipe unit

  • 19

    SK earthon begins crude oil production in South China Sea

  • 2

    Actor Song Joong-ki still hungry for new movie roles

  • 4

    Tanghulu captures hearts of Korean millennials and Gen Z

  • 6

    S. Korea flexes military might in rare parade with US in central Seoul

  • 8

    PHOTOSHarvest season arrives

  • 10

    All BTS members renew contract with BigHit

  • 12

    Deoksu Palace's reconstructed Dondeokjeon hall to open to public

  • 14

    Over half of Koreans want continuous strengthening of alliance with US: poll

  • 16

    LG Uplus, Hanwha develop ceiling-mounted EV charging system

  • 18

    EXCLUSIVELawmakers to submit resolution urging China to free N. Korean escapees

  • 20

    Main opposition chief in showdown with prosecutors over arrest

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Wed, September 27, 2023 | 03:51
Companies
Samsung, LG seek to spur demand for premium appliances at IFA
Posted : 2022-08-10 11:44
Updated : 2022-08-10 17:54
Baek Byung-yeul
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
LG Electronics' flexible OLED signage displays form a waterfall at the company's booth during the IFA fair in Berlin, Sept. 5, 2019. The annual IT exhibition, which was held online in 2021 amid the COVID-19 pandemic, will take place offline from Sept. 2 to 6 in the German capital
LG Electronics' flexible OLED signage displays form a waterfall at the company's booth during the IFA fair in Berlin, Sept. 5, 2019. The annual IT exhibition, which was held online in 2021 amid the COVID-19 pandemic, will take place offline from Sept. 2 to 6 in the German capital

Europe-focused exhibition returns offline in Sept.

By Baek Byung-yeul

Samsung Electronics and LG Electronics are seeking to strengthen their grip on the premium home appliance market as the country's two leading tech companies will take part in this year's IFA 2022 to use the tech fair as an opportunity to appeal to high-income European consumers, according to companies and industry officials, Monday.

The IFA event, one of the largest tech fairs in the world along with the Consumer Electronics Show in the United States and the Mobile World Congress in Spain, was not held in 2021 amid the Delta wave of the coronavirus pandemic. This year, despite the current Omicron surge, the annual show will return to an offline version from Sept 2 to 6.

They said the IFA trade show will be a good opportunity for companies such as Samsung and LG that sell tech products to meet local buyers and general consumers in Europe.

During the earlier part of the pandemic, Samsung and LG enjoyed explosive demand for their TVs and home appliances as many Koreans stayed home. But as time as gone by, demand for new devices decreased in the country, and the two Korean tech firms see that the IFA will play a role in marketing high-priced products to European consumers, they added.

"As demand for TVs and home appliances, which increased significantly due to the COVID-19, is now decreasing. In this situation, Samsung and LG will compete more fiercely to promote their premium products at the IFA trade fair," an official from a local IT company said.

Both Samsung and LG struggled with decreased demand in the second quarter.

Samsung announced that its home appliance and TV business saw its sales increase to 14.83 trillion won ($11.37 billion) in the second quarter, but its operating profit was at 360 billion won, a 67-percent decrease from a year ago.

LG's TV business also posted sales of 3.45 trillion won, but it saw an operating loss of 18.9 billion won.

The official said the IFA will be one of the big events for the two companies to step up their promotional activities along with the upcoming FIFA World Cup, scheduled to be held from Nov. 21 to Dec. 18, and seasonal discount events such as Black Friday in November and Boxing Day in December.

"The demand for home appliances is slowing overall, but high-priced products from Samsung and LG are gaining market control. When the market situation is not good, sales of low-priced products are mostly affected, but the demand for high-priced products usually remains strong," the official said.

"Unlike the Consumer Electronics Show, where companies try to come up with new technologies that are not available now, the IFA trade fair features products that will be soon launched in the market or are already on sale. So, companies participating in the fair will have more opportunities to meet with buyers and these meetings will work as momentum for the Korean tech companies to increase their sales of premium devices," she added.

A Samsung spokesperson said, "The company has not decided yet about what kinds of products and technologies it will bring to the IFA fair," but the industry view is that the tech giant is expected to showcase various IT devices, such as home appliances from its Bespoke brand, Galaxy foldable smartphones and new TVs, at the trade show.

An LG spokesman said the company "is expected to showcase its premium home appliances such as from its Objet lineup, artificial intelligence technology-featuring LG ThinQ platform and new TVs that fit changed lifestyles," adding that the company has not completely fixed what it will display during the event.

LG Electronics' flexible OLED signage displays form a waterfall at the company's booth during the IFA fair in Berlin, Sept. 5, 2019. The annual IT exhibition, which was held online in 2021 amid the COVID-19 pandemic, will take place offline from Sept. 2 to 6 in the German capital
Visitors try out Samsung Electronics' IT devices during the IFA fair in Berlin, Sept. 5, 2019. Korea Times photo by Baek Byung-yeul

Korean firms take IFA as breakthrough in Europe

Not only Samsung and LG, but also around 130 companies are expected to join the IFA fair, as they believe the trade show will become precious momentum to rebuild sales channels that had not been in smooth due to the pandemic.

If all 130 companies participate in the upcoming event, the scale will be much larger than the 2019 event, in which a total of 91 companies and state-run agencies participated in the tech fair.

In 2020, the year the pandemic began, the event organizer held the IFA fair in a hybrid online and offline format, but around 100 companies actually established their promotional booths at the fair. Korean companies' willingness to participate in this year's event seems stronger than ever as organizers even cancelled the event itself in 2021.

"Due to the long-term pandemic and supply chain issues that adversely affected various industries all over the world, Korean companies had fewer opportunities to show their products in direct contact with European buyers," another industry official from a local ICT industry said on condition of anonymity.

"The event will become an opportunity for them to promote their services, technologies and products in front of buyers there and secure new sales channels," the official added.


Emailbaekby@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
Top 10 Stories
1S. Korea flexes military might in rare parade with US in central Seoul S. Korea flexes military might in rare parade with US in central Seoul
2Korea has world's highest senior poverty rate: data Korea has world's highest senior poverty rate: data
3For closer business ties between Korea, Vietnam For closer business ties between Korea, Vietnam
4Seoul Welcome Week to return for first time since pandemicSeoul Welcome Week to return for first time since pandemic
5Gov't to boost Korean language education for multiethnic students Gov't to boost Korean language education for multiethnic students
6POSCO International to enter US grain market POSCO International to enter US grain market
7BOK warns of worsening household debt situation BOK warns of worsening household debt situation
8Late Samsung chairman's love of animals helps change Korea's pet culture Late Samsung chairman's love of animals helps change Korea's pet culture
9SK Telecom to triple AI investment over next 5 years SK Telecom to triple AI investment over next 5 years
10Biden will try to 'manage' NK nuclear issue, not resolve it: US expert Biden will try to 'manage' NK nuclear issue, not resolve it: US expert
Top 5 Entertainment News
1[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
2Kep1er unveils 'Magic Hour' with fresh perspective on love Kep1er unveils 'Magic Hour' with fresh perspective on love
3Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
4K-pop group Kingdom recalls album cover resembling Quran K-pop group Kingdom recalls album cover resembling Quran
5BTS' Jungkook to drop 2nd solo single '3D' BTS' Jungkook to drop 2nd solo single '3D'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group