LG Electronics and Samsung Electronics, the country's biggest electronic appliance manufacturers, are slashing prices on their retail products to spur a year-end shopping spree, according to industry observers, Monday.
The two giants have launched campaigns introducing discounts of up to nearly 50 percent. Due to expected massive turnouts for sale events, the companies have also started preparing their online platforms to keep their servers online when receiving a high volumes of visitors.
LG is using the recent Korean Series win by LG Twins of the Korean Baseball Organization to leverage its festivity for club fans througha discount campaign. As the club grabbed the crown last week for the first time in 29 years, the company has slated the sales price as the same number for its LG Win Win Festival starting Tuesday.
The club's series championship stirred the nation on Nov. 13, with tens of thousands of LG fans crowding the streets and hollering slogans after Game 5 against KT Wiz. Even LG Group Chairman Koo Kwang-mo showed up at Jamsil Baseball Stadium in Seoul to join the celebration.
The company said the details of the sale will be announced Tuesday on its online shopping platform . The festival comes after the company joined this year's Korea Sale Festa, an annual large-scale sale hosted by the country's private retailers.
"The discount rate is pretty decent so we expect that not just LG Twins fans but also other consumers will show great interest in this festival," said an official from the company. "We are checking and double-checking our online shopping platforms to make sure the servers don't crash due to a high volumes of visitors."
Samsung Week Black Friday is another option for consumers seeking discounted appliances. Continuing through this month, the event offers up to 40 percent off a single item and even up to 47 percent when purchaing two or more items at the same time.
The company also plans to launch another annual sale campaign, to take place annually in early January, at its online and offline stores.
"The discount events are expected to clear out some appliances in stock at this time when sales are looking kind of sluggish, especially for TVs," said a market observer.
LG Electronics in the third quarter registered 11.3 trillion won ($8.7 billion) in sales and profit of 615 billion won. Samsung recorded 13.7 trillion won and profit o 380 billion won during the same period.