Latest generation TV technologies are gaining favour among tech savvy consumers in Singapore who spent a total of nearly US$174 million on 264,000 TV sets in the first seven months of this year.
GfK Singapore’s 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 3D capability.
Where two in every five (41 per cent) sets sold last year were LED TVs, the take-up rate has risen considerably to over seven in every 10 (72 per cent) today and the segment now contributes 84 per cent of the total TV market. GfK Singapore’s findings also revealed a high adoption rate of internet-enabled and 3D TVs in the last year, where reported sales volume jumped by 160 and 115 per cent respectively.
“Due to our tech-savvy population, Singapore has one of the more developed TV markets in this region and consumers here are usually among the first to adopt the latest TV technology,” said Gerard Tan, account director for digital technology, GfK Asia.
“Manufacturers anticipating consumer demand for new TV functionalities have introduced more than 100 new models in the past year,” he said.
Latest retail audit data reports a total of 754 TV models currently existing in the market, of which 209 are Internet-enabled while 202 come with 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 Tan. “For instance, 3D TV which averaged at around US$2488 last year is now a more affordable US$1727, translating to a 30 per cent price erosion.”
A significant proportion of the Singapore population is also inclined to go for purchases which they deem to be value for money. For instance, among those who purchased a new TV set in the past two years, over 43 per cent admitted that various free items bundled prompted them to make the purchase. Among the most popular items are DVD players (61 per cent), surge protector (61 per cent), HD set top box (58 per cent), digital camera (58 per cent), home theatre system (57 per cent) and wireless LAN adapter (57 per cent).
“No doubt, Singapore’s tech savvy consumers and their receptivity to new technology makes the local TV market a dynamic one which holds considerable potential for TV manufacturers,” said Tan.
GB
