Consumers in the Philippines are continuing to embrace internet-enabled TVs and flat screen technology according to new data from GfK.

According to GfK Philippines’ findings, flat panel TVs comprise the key driver of category growth in the consumer electronics sector, with sales up 55 per cent by value during first seven months of the year.

Consumers spent an estimated US$357 million on nearly 615,000 flat panel TVs. Of that more than US$58 million was spent on about 37,000 units of Internet-enabled TV.

Although the share internet-enabled TVs have of the total flat panel market is still small at six per cent in volume, the latest sales figures reflect growth of almost 300 per cent over the same period last year.

“If this latest trend is an indication of the things to come, Internet connectivity may just be the next most popular feature that consumers here will be hankering for,” said Benny Villanueva, GM of GfK Philippines.

“With the aid of promotional initiatives like the zero per cent installment plans, buyers are able to appreciate minimal price gaps between Internet-enabled TVs and regular flat panel TVs,” said Villanueva.

Over one in every three (36 per cent) Internet-enabled TV sets sold in the first seven months of the year had a 32 inch screen. Since June this year, this screen size has become the most popular segment for Internet-enabled TV in Philippines today.

The average price of such TVs has fallen to less than US$700 since the beginning of quarter two – a strong contributing factor to the rapid take up rate by consumers.

“Moving forward, we foresee this uptrend towards Internet-enabled TV to continue as we approach the year-end festive season where consumers will be seeking the best value-for-money gift items,” Villanueva said.

GB