SHANGHAI -- Panasonic will work toward increasing its sales of consumer electronics in China by 100% to around 20 billion yuan ($3.15 billion) in fiscal 2020 by reaching more of the middle class with an improved lineup of home equipment such as high-tech toilet seats and beauty appliances.
Wu Liang, managing director of Panasonic Appliances (China), revealed the goal Thursday at the Appliance & Electronics World Expo here. Sales for the current year ending in March are expected to rise 17% to around 10.5 billion yuan. The plan is to capture brisk demand for home-related spending among China's middle class by broadening the main target customers from families earning 320,000 yuan or more to those with an annual income of 250,000 yuan or higher.
