This photo provided by LG Electronics Inc. on Feb. 26, 2021, shows the company’s home appliance products displayed at its premium store in Panama City, Panama.
SEOUL, March 5 (Korea Bizwire) — The rental business of LG Electronics Inc., a major home appliance maker in South Korea, experienced sharp growth last year, a report showed Friday, as the company eyes to further boost its competitiveness in the sector riding on the rise of the pandemic-induced stay-at-home economy.
Sales of LG’s rental business stood at 591.1 billion won (US$524 million) in 2020, up 34 percent from a year earlier, its audit report showed.
Compared with 2018, revenues from its rental business have more than doubled.
LG currently provides rental services for eight home appliance products that include water purifiers, dish washers, dryers, air purifiers and massage chairs.
LG revealed that it had 2.39 million subscribers as of the first half of 2020. Industry insiders estimate that the figure may have grown up to 2.7 million by the end of 2020, with its rental business reportedly achieving a double-digit profit margin.
To accelerate its growth, LG recently scaled up its rental service unit and established a subsidiary dedicated to the regular maintenance of its home appliances.
(Yonhap)
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LG Electronics’ news article outlines their success story involving home appliance rental business; by providing customers with convenient products such as washing machines & dryers via subscription plans they have been able increase revenue significantly over recent years due mainly because people no longer needing purchasing expensive items upfront expenses reduced greatly at same time even better quality equipment available use than previously was possible
The article “LG Electronics Basks in Robust Home Appliance Rental Biz” highlights the success of LG Electronics in the home appliance rental business. According to the article, LG has seen a surge in demand for its rental services, which allow customers to rent appliances such as refrigerators, washing machines, and air conditioners for a monthly fee.
Overall, the article is well-written and provides interesting insights into the growing popularity of home appliance rental services. The author does an excellent job of explaining the reasons behind the trend, including changing consumer preferences and economic uncertainty, and provides data to support the claims.
One area where the article could be improved is in providing more information on the potential drawbacks or limitations of home appliance rental services. For example, the article does not discuss the potential costs of these services over the long term or the potential impact on the environment from the production and disposal of appliances.
In conclusion, the article “LG Electronics Basks in Robust Home Appliance Rental Biz” is an interesting read for anyone who is interested in the home appliance industry. The author provides valuable insights into the growing popularity of rental services and highlights the success of LG Electronics in this area. However, readers should also consider the potential drawbacks and limitations of these services when making decisions about their own appliance purchases or rentals.