Singaporeans go gaga over LED TVs

Over 7 in 10 TVs sold are LED ones.

According to GfK Singapore, internet and 3D features are gaining widespread demand with more than twofold increase in volume sales.

Here's more from GfK Singapore:

The latest TV technologies are gaining grounds among tech savvy consumers in Singapore who spent a total of nearly USD174 million on some 264,000 units of TV sets in the first seven months of this year. GfK Singapore latest insights on TV sales in the local market showed substantial increase in sales of the most advanced screen display type—LED TVs, as well as those with recently introduced features like Internet-connection and 3-D capability.

Where two in every five (41%) sets sold last year were LED TVs, the take-up rate has risen considerably to over seven in every ten (72%) today and the segment today contributes 84 percent to the overall worth of the total TV market. GfK Singapore findings also revealed a high adoption rate of Internet-enabled and 3D TVs in the last one year, where reported sales volume jumped by 160 and 115 percent respectively.

“Due to our tech-savvy population, Singapore has one of the more developed TV market in this region and consumers here are usually one of the first to be availed the latest TV technology,” highlighted Mr. Gerard Tan, Account Director for Digital Technology, GfK Asia. “Manufacturers anticipating consumer demand for new TV functionalities have introduced more than 100 new models which come equipped with the latest features in the past year.”

Latest retail audit data reports a total of 754 TV models currently existing in the market, of which 209 are Internet-enabled while 202 comes with the 3D feature. The respective figures for last year were only 78 and 86 respectively, reflecting a significant jump in the number of new TV models with enhanced capabilities.

“To encourage the subsequent turnover of older models with the new launches, prices of TVs have declined considerably, making it more feasible for consumers to own the latest TV technology,” noted Mr. Tan. “For instance, 3D TV which averaged at around USD2488 last year is now a more affordable USD1727, translating to a 30 percent price erosion.”