Business bellwether comes up with new-concept products
Coway, South Korea’s top-tier manufacturer of home appliances, announced on Dec. 22 that it had started leveraging the psychology of color in marketing and branding.
The Seoul-based outfit has mostly used white or achromatic colors for its products like water purifiers and air purifiers to imprint clean images into the perception of consumers.
However, the company began using various colors to meet the tastes of the so-called Generation MZ, which tend to have unique values and spending patterns.
The Generation MZ is a South Korean term alluding to millennials and Generation Z, who were born between 1980 and 1995.
The Coway Icon air purifier is a representative product, which amply demonstrates the corporation’s new-fangled interests in color psychology.
The compact air purifiers are available in seven colors, including bronze pink, mint green, and mineral blue.
For the company’s premium brand Noble water purifiers, which were launched this October, customers can choose from six colors like midnight navy and pebble gray.
Things are similar for Coway Noble air purifiers, which were introduced earlier this year. It comes in four colors.
Such strategies appear to win the hearts and minds of clients _ the company’s turnover in the water purifier rental market amounted to 824.3 billion won ($691 million) during the first three quarters of 2021, up 17.4 percent from a year ago.
During the same period, that of air purifiers jumped 7.3 percent year-on-year.
“We will continue to think from the perspective of our customers so that we will be able to come up with tailor-made products,” a Coway official said.