PHILIPPINE home appliance maker Hanabishi expects continued growth in the years ahead amid economic conditions that have created a currently cautious market, top executives said late Wednesday.
Hanabishi President Jasper Ong said the optimism comes from the continued expansion of their dealerships, which have penetrated more provinces and cities.
Asked whether double-digit growth was possible this year, Ong said it was unlikely as dealers he had spoke with admitted to being “very cautious” given rising oil prices and a weak peso.
Vice President for Operations Candice Ong-Ang said Hanabishi was trying to absorb rising production costs as much as possible to avoid passing these on to consumers.
She described consumers today as being very intelligent. ”[They] research online, [they] compare prices, [they look at] different brands, they hear stories from friends, [they] look at whether the reviews are good,” she said.
Against this backdrop, she said the company was now more intentional. Ong-Ang said her brother, Jevon, who is vice president for purchasing and merchandising, now has to carefully study whether a certain product is appropriate or timely for the market.
She added that market research was helping them come up with products that respond to the needs of consumers. Vice President for Finance and Marketing Cherish Ong noted that during the pandemic, the company released multi-function appliances to help consumers to adopt a healthier lifestyle.
As for the possibility of integrating advanced technologies and artificial intelligence into their products, Jasper Ong said they were focused on offering affordable appliances for Filipino families.
Despite Chinese brands entering the market through digital platforms, Jevon Ong said they remained confident due to the quality of their products and after-sales service.
Jasper Ong said he believed that Hanabishi, which is marking its 40th anniversary this year, currently holds a significant market lead among local appliance brands in the Philippines.
The company also cited that purchases from physical stores still comprised majority of sales despite the existence of online stores, noting the continued expansion of malls and how these establishments form part of the Filipino lifestyle.