“More Asians spending on home technology” |
| More Asians spending on home technology Posted: 11 Sep 2010 10:18 AM PDT Asians across nine markets are more willing to splurge on big-ticket items in home technology, according to market research firm GfK Asia's latest Retail Panel survey. The GfK Retail Panel is a regular survey monitoring sales of specific products and product categories, using a range of Internet, retail outlets and companies to provide trade and industry information on various segments of the market, including technical consumer equipment, optics, and automotive. The survey is based on retailer surveys and sales figures provided by GfK Asia's retail partners in Malaysia, Singapore, Thailand, Vietnam, South Korea, Taiwan, Hong Kong, Indonesia, and the Philippines from July 2009 to June 2010. Recent survey findings showed an annual 17% growth in value of the consumer electronics industry in Asia, compared to the same period a year earlier. Around four-fifths (80%) of consumer spending in consumer electronics went to television sets while the remaining share of the pie was spent on portable media players, DVD player/recorders, audio home systems and camcorders. The growth in consumer electronics was mostly driven by the TV category, particularly LCD (liquid crystal display) TV, which recorded 40% sales growth and 54% growth in unit value, said GfK Asia Pte Ltd regional account director Jasmine Lim in a press release yesterday. "GfK retail audit shows that the value share of LCD TVs in the consumer electronics industry has grown by a significant 10% to hit 60%. In the past 12 months. Consumers in the region spent over US$5.3 billion (RM16.51 billion) on LCD TVs," said Lim, who added that in most Asian markets, flat-screen TVs have almost completely replaced CRT (cathode ray tube) TV sets and make up 70% of overall TV sales regionally. While CRT TVs still occupy 18% to 45% share of overall consumer electronic market in countries such as Indonesia, the Philippines, Vietnam and Thailand, sales have been declining rapidly. Besides LCD TVs, the rising demand of flat panel TV with LED backlight, full high-definition (HD) and larger screen sizes have also contributed to the value growth of TVs regionally, said Lim. Another potential high-growth segment is 3D TV, which is being adopted by South Korea, Hong Kong and Singapore, said Lim. Aside from TVs, higher-end audio home entertainment systems and DVD players/recorder are also doing well in Asia. "Overall performance of these product categories has been either holding steady or declining in past years but segments with lifestyle design are growing rapidly," said Lim. Sales of Blu-ray products and soundbars have been rising and Blu-ray DVD players/recorders have reported triple-digit growth in markets such as South Korea, Hong Kong, Taiwan, Malaysia and Singapore. "The consumer technology industry is dynamic with ever-evolving innovations and trends that provide a constant level of excitement to consumers. With the economic downturn behind us and the myriad of offerings in the market, one can be sure that the industry will continue to perform well and satisfy the tech-hungry consumers in the region," Lim said. Part of the global GfK Group, Singapore-based GfK Asia has over 25 years of experience providing retail and technology market data in Asia. The company covers more than 160 products and over 918,000 models, collecting monthly data from over 8,000 specialist or independent shops and over 560 organised retailers with approximately 15,000 outlets. GfK operates in more than 100 countries and employs over 10,000 staff.
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