GfK mid-year report shows Asian retail spend on consumer electronics reaches US$ 11.5 Billion

Demand for consumer electronics in the Asian market is growing strongly despite reports of a gloomy economic outlook, according to research company GfK.

Its report, Pan Asia Consumer Electronics Data Summary, highlights the trends in the region’s growing consumer electronics sector.

The results show a retail spend of approximately US$ 11.5 Billion dollars in the first half of 2008, which is an increase of 13 per cent year on year.

Among the highlights are sales of LCD TVs, with growth in South East Asia more than double year-on-year.
Cambodia, Indonesia and Vietnam all lead the way with over 250 per cent retail volume growth for LCD TV in the first half of the year when compared to the first six months retail sales of 2007.

Malaysia and Thailand register first half LCD TV retail volume growth rates above 115 per cent compared to the January to June period one year ago.

In other parts of Asia, GfK reported that even advanced markets such as Hong Kong, Korea, Singapore and Taiwan also report first half double-digit growth rates in the retail sector for LCD TV.

Elsewhere, year on year LCD TV retail volumes grow by more than 50 per cent in Australia and New Zealand, and jump up 79 per cent in the Philippines.

Steven Kaiser, commercial director CE, GfK Asia, said the data portrayed very positive news on the consumer electronics market across the region for the first half of 2008, with increases in volume and value in many product segments.

“Our data shows a strong and healthy consumer climate throughout Asia which, thus far, has been less affected by the economic woes in other parts of the world,” he said.

For televisions, GfK Asia data indicates that, in general, consumers in Asia continue to favor LCD TVs over plasma TVs during the first half of 2008.

When China is excluded, total Asia LCD TV retail volume growth outpaces plasma TV growth figures.

In China as well, LCD TVs dominate the television landscape. The data shows LCD TVs capture nearly 80 per cent of China’s television market, even though plasma TV retail volumes grew by 79 per cent in the first half of the 2008 when compared to the same period last year.

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