Hike in Consumer Spending
The market across the five regions of Singapore, Malaysia, Indonesia, Vietnam and Thailand was worth more than $804 million (US) over the last year.
The growth is attributed to regional consumers buying 1.6 million more small household appliances such as food preparation appliances, irons, rice cookers and vacuum cleaners compared to the previous year.
“The increasing affluence of households, on top of the rising need for convenience has brought about an upgrading phenomenon which we are witnessing especially in developing countries,” said Jasmine Lim, Account Director for Home & Lifestyle in GfK Asia.
“In recent times, our findings have shown escalating sales of higher-end appliances— indication of consumers having greater purchasing power and are switching from buying basic models to the more sophisticated product ranges.”
Lim, who was appointed to the Melbourne Convention and Visitors Bureau as the Director of International Incentives last year, added that the upward trend was expected to continue.
“A generally positive performance throughout last year and the sustained growth momentum reflected in the first two months of this year present an optimistic outlook for this sector, which is anticipated to remain in healthy territory in the months ahead,” she said.