The influx of new brands with lower prices aided by reduction in the purchasing power of the naira has crashed the prices of TV products.
The new brands are also leveraging on technological enhancements in a bid to upstage the leading TV brands.
The new TV brands offering lower prices in the market are Royal TV, Rite Tek, Syinix, Bruhm, Coocaa, Konka, Looka, UKA and TCL, while the leading brands are Samsung, Life’s Good (LG), Sony, Panasonic, Polyster and Hisense.
The price crash was triggered by the new TV brands, which recently lowered their prices in a bid to penetrate the market.
For example, a 32” of the new TV brands cost between N36,900 and N49,990, while 32” of leading TV brands cost between N44, 800 and N100, 000. 42” of the new TV brands cost between N52,000 and N63,000 while that of the leading brands cost between N122,000 and N140,00.
Furthermore, 43” of the new TV, which also offers all the features offered by the leading brands cost between N65,250 and N69,990, while 43’ of the leading TV brands cost N92,000 and N330,000.
The above pressured the leading TV brands to also lower their prices, though not as significant as that of the new TV brands. For example, 32” LG sells for N54,000 today but was N56, 000 last month. 32” Samsung was N58,000 last month, it is now N57, 500.
32” Hisense TV was N48, 000 last month, today it costs N46,800. Sony sold for N80,000 last month, but now N78,000.
Panasonic 32” TV sells for N65,000, down from N66,000 last month. Furthermore, 32” Sharp TV now sells for N44,800, down from N49,999 last month. Also, Polyster TV today sells for N44,000 down from N42,500 last month.
While crashed prices last, the manufacturers are also doing away with surface control buttons on the TVs by infusing features such as operating systems inside the products to be remote control-operated, like the volume, setting, Ok and input buttons, without physical hand touch.
Vanguard Companies and Markets, C&M observed that the new TV brands are way lighter in weight compared to the leading TV brands in the Nigerian market, while also doubling their operating systems.
Rite Tech TV— has 2 USB ports, 2HDMI ports, Energy saving, AV in port and colour enhancer.
Royal TV—Weighs 10 kilograms. Its energy saving, number of warranty year not mentioned, very slim, 1 USB port and High-Definition Multimedia Interface (HDMI). Syinix TV— has 2 HDMI/ USB memory drive 2C Integrated Sound bar and multiple interfaces, weighs between 7.7kg to 10 kg, with one year warranty.
It has an advanced picture quality improvement algorithm, auto noise-removal technology that removes digital and analog noises.
The Analog Noise Filter enhances the picture quality by deleting visual noise from both air and cable sources and its screen technology is light emitting diode (LED).
Scanfrost TV has gross weight of 0.5kg, net weight 6.1, low power consumption, 56 watts, 2 HDMI ports and colour enhancer.
Bruhm TV—has high colour resolution, 1AV and VGA port, 1HDMI port, 2MPEG, MPEG4/MHEG4. Coocaa TV, just like Bruhm TV, has high colour resolution, 95 percent no bright dot, (best picture quality) USB, HDMI/VGA ports.
While UKA TV uses Samsung digital display system, it is eco-friendly and has USB port, automatic volume leveller (AVL) and 2 HDMI ports.
TCL on its part is full high definition (HD) as well as a double HDMI port.
Consumers that spoke to C&M said they are aware of the entrance of new and affordable TV brands but expressed fear of easy damage because of their weight and affordability.
Some said the crash in price is as a result of the economic situation.
However, some consumers even with price reduction on the part of the leading TV brands, their prices are still high and that is why consumers will still go for the new TV brands.
“The manufacturers or importers are aware of the situation in the country. That may be the reason they brought in the TVs to assuage Nigerian consumers,” said Sylvester Ikuomola, a blogger.
A consumer, Moses Atim of Spray Speed, a car painting company who resides at Adalemo, Ogun State, said he bought one of the new TV brands recently, to be precise, Rite Tech TV, and discovered that it has two HDMI ports, two USB ports. “I think it is a good TV, and the price is right for people looking for affordable TV that will give them what they want.”
Another consumer, David Ibanga, a civil servant, was indifferent. He said: “The high prices of big TV brands has forced buyers to go for the new brands and dropped their desired option for lesser TV sizes.” He, however, blamed it on the current poor economic situation.
A consumer attendant at SPAR, Ikeja, who pleaded anonymity said the new TV series are doing well in sales and display, and they are really challenging the leadership of the market, especially the 32” TVs. A Manager with Laz Electronics, Alaba International said: “The good thing about the TVs is that they are also manufactured by renowned TV manufacturing firms, some without presence here. They are all good products, but with time, they will rule the market.”―Vanguard News