Technical consumer goods market grew 4% in 2010

Singaporeans are not tech-savvy enough compared to the Hong Kong market which registered a 14% growth.

According to GfK, the overall Technical Consumer Goods industry across eight Asian markets* witnessed positive growth in 2010, expanding by 11.4 percent on average compared to 2009.

Five out of the eight markets tracked—Vietnam, Malaysia, Indonesia, Hong Kong and Thailand registered strong double-digit growth of 28, 17, 17, 14 and 10 percent respectively, while Singapore (4%) and Taiwan (2%) also managed to register single-digit increases. Only the Technical Consumer Goods market of Korea recorded a slight decrease of two percent.

Small Domestic Appliances continue to lead as the best performing category with its 24 percent growth in the eight combined markets. In countries such as Vietnam and Singapore, growths in the category hit as high as over 40 percent.

“Vietnam, Indonesia and Hong Kong are the three countries which boasted positive growth in every single one of the categories we track,” commented Mr. Stanley Kee, Regional Commercial Director of GfK Asia. “Of the three categories across all the markets which reported exponential growths of over 40 percent, two came from Vietnam. The country’s Small Domestic Appliances and Telecommunications panels grew 42 and 41 percent over the previous year, contributing greatly to propel the country to the top of the table.”

Among the categories, Small Domestic Appliances, Photo, Major Domestic Appliances, and IT all performed well to remain in positive territories in their respective markets. “Some of the other noteworthy findings are the good showings of Consumer Electronics in Vietnam (39%), Major Domestic Appliances in Indonesia (33%) and Telecommunications in Malaysia (30%)—all of which managed to achieve no less than 30 percent growth!” highlighted Mr. Kee.

“The Technical Consumer Goods market is on a roll. Through major trade shows where major electronics manufacturers have been whetting the appetite of consumers with sneak peeks of upcoming, soon to be launched innovative products with newly enhanced features, we foresee that the tech-savvy and demanding consumers of today will fuel the continual development of this industry and make it shine brightly,” concluded Mr. Kee.