The effect of the 3-year-old majap malaise on the traditionally recession-resistant premium tier was acknowledged by LG Electronics USA president Teddy Hwang during a recent summer product showcase at New York's Lincoln Center.
Hwang, a former president of LG's U.S. digital appliance brand division, said the company positioned itself at the high end of the market, assuming the No. 1 slot in front-load laundry and controlling a major share of the three-door refrigeration business.
However, U.S. consumers are trading down amid the economic uncertainty, he said.
John Herrington, LG Electronics USA sales president, said the company will continue its strategy of demonstrating leadership with innovative flagship products like steam washers, oversized French door refrigerators, and four-door fridges with auto-closing freezer compartments, while offering more affordable “sweet spot” versions of each.
“We offer great products at popular prices, and remain committed to that as a brand,” he told TWICE.