The current market sees 65-inch LED TVs priced at just over VND10 million ($420), and OLED TVs dropping below VND20 million for the first time, a result of high inventory and decreased demand.
“It’s normal for TV prices to go down year after year, especially for older models. However, the high inventory pressure and the sharp drop in demand this year has forced many chain stores to cut profits, break even or even cut losses,” said Ngoc Chung, owner of an electronics store on Nguyen Trai Street in Hanoi.
“TV prices have hit the floor this year. We are selling them to maintain cash flows to wait for a better year in 2024,” he added.
Many TV models, with the two most popular sizes of 55 and 65 inches, currently cost around VND10 million, 15-20% lower in previous years.
Major dealers and manufacturers regularly offer 30-50% discounts, even for new models released in 2023.
LG’s latest lines currently have discounts of 15-30%. Meanwhile, some OLED TV models with sizes of 43 and 50 inches released in 2021 or 2022 are currently priced at less than VND20 million.
Previously, prices of OLED TVs had never fell to below VND30 million.
Ha Minh Tuan, manager of an electronics warehouse specializing in online sales, said his business’ revenue this year is down 15-20% compared to last year.
“TVs are also in a difficult situation like other consumer electronics products, but TVs are not an essential item, so users often choose not to upgrade or buy more,” Tuan said.
Weaker demand and changing consumer needs have also made the low-cost TV segment with sizes from 32 to 43 inches vibrant again.
In 2021, 32-inch TVs gradually disappeared when most firms stopped selling them, but this year these models are back.
Samsung, Toshiba andXiaomi all have 32-inch TVsat selling prices of VND 4-6 million.Prices of 40- and 50-inch versions are VND1-2 million higher.
In addition to discounts, electronics companies set lower list prices for some models.In April, the list prices of some LG’s OLED TVs were 20-30% lower than last year.
Among TVs this year, backlit LEDs are the most popular, followed by miniLED and OLED. Newer technologies like Samsung’s microLED are still expensive.
Regarding operating systems, only Samsung and LG use their own operating systems. Brands such as Sony, Xiaomi, TCL, Casper and Toshiba have all switched to Google TV.