Hong Kong is known for its fast-paced lifestyle and small homes and kitchens as a result of high population density – key factors attributed for the low frequency of home cooking in the country.
But demand for small domestic appliances there has surged in the first eight months of this year showing growth of more than 23 per cent in value and nearly 14 per cent in volume, reports GfK.
Within the sector, it was the food preparation segment consisting of products such as liquidisers, kitchen machines, hand mixers, hand blenders, food processors, and choppers which turned in the most robust performance.
Compared to the first eight months of 2011, Hong Kong consumers bought nearly 21,000 more food preparation appliances worth around US$2.8 million during the same period this year. This reflects a continued heightening demand for such appliances by 26 and 37 per cent in volume and value respectively.
“An important driving force behind the good results in food preparation is the fact that the busy consumers here leading hectic schedules are constantly in search of more high-tech and multifunctional appliances that can enhance their life,” said Walter Leung, GM of GfK Hong Kong.
The liquidiser is the most commonly purchased food preparation equipment, making up 56 per cent of all volume sales and contributing 67 per cent to the total dollar value of the category. Consumer demand for the product has surged by 15 per cent in volume to expand the overall worth of the market in the first eight months of this year by more than 27 per cent over the same period last year.
“Ultra-speed liquidisers claim to have the capability of preserving the nutrients of fruits and vegetables—an important feature which appeal to the increasingly health conscious Hong Kong population,” explained Leung. “Fuelled by the aggressive marketing efforts of manufacturers, these enhanced mixers have been gradually gaining acceptance despite its premium pricing, which hovers around US$430 today.”
Another high-end small kitchen appliance which been experiencing strong growth is the kitchen machine. Its average price of US$600 has not hampered sales which have more than doubled in both volume and value at 115 and 122 per cent respectively.
Other food preparation equipment such as choppers, hand blenders and hand mixers are also on the uptrend and recorded considerable value growth in the range of 32 to 91 per cent.
“Hong Kong is a dynamic market with a significantly high level of sophisticated international population who appreciate new high quality products,” noted Leung.
“There is definitely great potential specifically in the food preparation market which accommodated 20 additional product models of appliances in the last year. With the onset of the festive season, we can confidently anticipate performance for the segment to continue to strengthen and achieve an impressive close for 2012,” he added.
GB
