Toshiba (Thailand) Co, the distributor of Toshiba home appliances, expects double-digit sales growth for the third consecutive year in 2022, bolstered by easing of Covid-19 control measures and the country's full reopening to foreign tourists.
According to Alex Ma, the company's deputy managing director, Thailand's total electrical appliances market was stagnant in the first half because of the prolonged pandemic, the Russia-Ukraine war, the shortage of raw materials, rising transportation costs, soaring inflation and unpredictable weather.
But he still believes Thailand's overall economic situation will significantly improve in the second half now the government has already relaxed strict Covid-19 control measures while manufacturers have already resumed spending to spur sales.
The real estate sector is poised to rebound, while the number of business travellers and tourists has increased too, Mr Ma said.
"By the end of this year, we set to grow our sales by 10%. To achieve that goal, we will focus more on increasing product diversity and updating product lineups in response to consumers' diverse needs, particularly IoT [Internet of Things] devices," he said.
"We plan to launch 63 new products to the market, 53 of which will be launched in the second half, focusing on the mid-to-high-end market."
According to Mr Ma, of the total 53 products scheduled to be rolled out in the second half, 18 products are IoT-enabled models to tap deeper into the mid-to-high customer base.
In addition, he said the company looks set to conduct integrated marketing campaigns to raise brand visibility, improve service centres and develop an IT system.
Toshiba shops will be revamped nationwide to give them a more modern look.
The company also plans to hold roadshows nationwide so that consumers can get first-hand experiences of Toshiba products.
Moreover, it will also promote its products online in digital-marketing formats that reach out to specific target groups.
"Despite two years of the pandemic, the company posted double-digit growth of 15% and 17% in 2020 and 2021, respectively. We have never stopped investment in new products and people training," said Kobkarn Wattanavrangkul, the firm's chairwoman.
According to Mrs Kobkarn, the company's performance in the first half of 2022 was also satisfactory while it aims to have double-digit growth for the third consecutive year in 2022.
To cope with foreign exchange risks, Toshiba's factories in Thailand will be tasked with producing some models of appliances instead of imports, she said.
"We believe that people still have spending power if we design products to fit their lifestyle. During the Covid-19 situation, people apparently changed their behaviours. New generation consumers, in particular, pay significant attention to design and details and also care more about health and technologies. They do not buy products based on just functionality and prices anymore," Mrs Kobkarn said.
Despite a spate of challenges such as the soaring inflation rate and continued Covid-19 outbreaks, there are several positive factors including signs of a rebound in tourism, she said.
"We are confident the Thai economy will get closer to normalcy this year," said Mrs Kobkarn.
