CORRECTED: Consumer electronics sales surge in Asia

08 September 2010

SINGAPORE: Consumer electronics sales are continuing to rise in Asia, as "tech-hungry" shoppers splash out on a range of innovative products.

Figures from GfK, the research firm, show category spending has increased by 17% during the last year, to $8.9bn (€7.0bn; £5.8bn) overall.

The company's estimates covered nine markets, in the form of Hong Kong, Indonesia, Malaysia, the Philippines, Thailand, Singapore, South Korea, Taiwan and Vietnam.

Some 80% of expenditure in these nations was attributable to TV sets, with LCD televisions seeing volume sales climb by 40%, and value sales by 54%.

The total revenue share held by LCD TVs improved 10%, to 60% or $5.3bn, based on data drawn from 8,000 specialist and independent stores and 560 organised retailers boasting a collective 15,000 outlets.

Flat-screen units now make up 70% of purchases in the areas assessed, with backlit and high-definition appliances proving especially popular.

"One other segment that also possesses high growth potential is 3D TV," said Jasmine Lim, regional account director, GfK Asia.

"Recently introduced to the consumer TV arena, there has been a lot of hype surrounding 3D TV and consumers are slowly but surely getting acquainted with this new technology.

"Our findings reveal that consumers in countries such as Korea, Hong Kong and Singapore are receptive and are already starting to adopt this new technology."

Further advanced devices like Blu-ray players have experienced triple-digit surges in demand among customers from Hong Kong, Malaysia, Singapore and Taiwan.

"The consumer technology industry is dynamic with ever-evolving innovations and trends that provide a constant level of excitement to consumers," said Lim.

"With the economic downturn behind us and the myriad of offerings in the market, we can be sure that the industry will continue to perform well and satisfy the tech-hungry consumers in the region."

Data sourced from GfK; additional content by Warc staff