As economic sentiments continue to improve, consumer spending also correspondingly increase in the technical consumer goods market which in quarter three grew by almost 10% over the same quarter last year.
According to market research company GfK, five out of the eight countries in Asia tracked by the company registered strong double-digit growth in the market with the three top performers being Vietnam, Malaysia, and Indonesia at 24, 17 and 16% growth respectively.
Once again, small domestic appliances, with its reported 26% growth over the same quarter last year continue to reign as the best performing category, while photographic equipment also fared well at 22%.
“Despite a decline in sales of office equipment and consumables in Vietnam, almost all the rest of the other categories saw substantial double-digit increases in spending, contributing greatly to Vietnam’s performance and propelling the country to the top of the table,” comments Stanley Kee, regional commercial director, GfK Asia Pte Ltd. “The strongest growth of 38% across the board also came from telecommunication in Vietnam.”
The top category in Malaysia in the third quarter this year was photo, which saw a growth of 26%, thanks to outstanding sales of SLR and compact cameras with interchangeable lens.
Indonesia is the only market where strong, double-digit growth was registered across all categories with the exception of telecommunications, which grew at a single-digit pace.
“Among all the categories tracked by GfK Asia, four of them—photo, major domestic appliances, small domestic appliances, and IT consistently recorded growth across all the eight markets,” highlights Kee. “As 2010 comes to a close, we are pleased to conclude that the technical consumer Goods market in the region performed generally well, and we are optimistic that 2011 will continue to be a good year for the industry.”
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