Unit sales of tech and durables market drop 3% YoY in 1H23

Across subsegments, IT recorded the biggest drop in value in USD terms, falling -8%.

Singapore's tech and durables market recorded a 3% decline in unit sales and flat movement for total market USD value in the first half of 2023 (1H23), market research company GfK reported.

Subsegments which performed well during the period in value USD terms include small domestic appliances (Fryers, mixers, etc.), which recorded a 17% YoY increase, major domestic appliances like ACs and ovens (+5% YoY), and photo appliances like cameras and camcorder (+1% YoY).

On the flip side, the consumer electronics (TVs, soundbars, etc.), telecom (smartphones), and IT (Mobile PCs, hardware, etc.) segments recorded a decline in value USD terms, falling by -2% YoY, -1% YoY, and -8% YoY, respectively.

GfK said products offering features that offer greater convenience registered strong growth in 1H23, citing robot vacuum cleaners which saw a 35% sales surge.

Whilst the demand for premiumisation is not as strong this year compared to 2022, high-end models within affordable premium price bands continue to outperform the market average, said GfK.

“For example, whilst the overall Singaporean TV market is down 3% in the first half of 2023 compared to the same period last year, the sales volume of premium TVs over 75 inches increased by 23%,” the company said.

“The refrigerators sector declined 2%, whilst those with smart application and voice control grew 5%,” GfK added.

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GfK

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