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 operational systems inside the products to be remote control-operated, like the volume, setting, Ok and input buttons, without physical hand touch.