Despite the epidemic, the Taipei Electric Appliance Fair attracted a large crowd of bargain hunters on the first day, as home electronics prices will be going up 1-3 percent in May, due to Russia-Ukraine conflict, lockdowns in China, and port delays.
Due to rising costs, the original price of NT$94,900 could go up to NT$96,000 or NT$97,000. This 650-liter refrigerator, imported from Japan, has a price tag of close to NT$100,000. The store says due to soaring raw material costs and cargo ship congestion, prices will go up 1-3 percent in May.
Chang Yu-hua, Sales Manager, Hitachi: “Copper and aluminum costs have gone up, and there's a chip shortage. Shipping is another factor. Prices will go up 1-3 percent in May or June.”
The Taipei Electric Appliance Fair drew a large crowd of bargain hunters on the first day.
Consumer: “I'm furnishing my new home so I need to buy some appliances before prices go up.”
Consumer: “Even if prices go up 3-5 percent, you're still going to buy things you like.”
The prices of Korean refrigerators, washing machines and air conditioners started going up earlier this year. Newer TV models debuting in May will have price tags that are 15-20 percent higher.
Hsu Chi-fa, LG TV Products Manager: “Newer models debuting soon will cost 15-20 percent more due to higher raw material and transport costs and the chip shortage.”
Liao Chuan-ping, Chair, Taiwan Electrical Appliance Association: “Some brands have hiked prices by 1-3 percent. This may continue if there is exchange rate depreciation.”
Electronic appliance sales grew 12 percent in 2021 due to tax exemptions, the school air conditioning policy, and stimulus vouchers. This likely won't be the case this year with harbor congestion, the conflict in Ukraine, lockdown in China, and higher prices.