Consumers in Singapore are buying more and more television sets each year, registering over 80 percent growth in units sold within a span of three years. GfK Singapore retail audit findings on television sales reported over 443,000 television sets being sold in 2010, some 64,000 more than 2009 and over 80 percent jump in comparison to the number of units sold in 2007.
In the last three months of 2010 alone, over SGD101 million was chalked up from the sales of over 113,000 units of TV, which sold at an average price of SGD891. This is a reflection of 18 and 12 percent registered growth in value and unit sales respectively from the third quarter.
“Closer to year-end where all the festivities take place is usually the time when consumers start loosening their purse strings to shop, and this is also when we see an increase in promotional activities by retailers to encourage sales,” said Ms Shirleen Kok, General Manager of GfK
Singapore. “Our findings show that TV sales were boosted substantially in the last two months of the year, with December emerging as the month in 2010 with the second highest TV sales, after January.”
According to another study–GfK Singapore TV Omnibus, more aggressive promotions at major key retailers were correspondingly observed across various television brands in the last two months of the year, ranging from price reductions to free vouchers and free gifts bundling. Along online pharmacy no prescription needed with these activities, the study also reported more marketing materials such as product brochures being made readily available to consumers.
“The TV Omnibus findings confirmed that the presence of in-store promoters did managed to significantly boost sales of specific TV brands,” highlighted Ms Kok. “Based on GfK retail audit report, November TV unit sales saw a growth of 4 percent over October while in December; a spike of 19 percent growth over November was registered.
Another strong factor responsible for the escalating TV sales in Singapore is its gradually decreasing average price. Currently the most popular set in the market is the 40-42” LED TV, with almost two out of every five sets (38%) sold in the market being this model. While its average price stood at close to $3,000 in 2009, it is today going for a substantially more affordable SGD1,720 due to greater product offerings and price erosion.
“With pricing being an important driver of sales, consumers will repeatedly go through the cycle of upgrading their TV sets to bigger and better ones every few years as new technology evolves and price erosion occurs,” said Ms Kok. “In the TV arena, we can look forward to increasingly sophisticated technology such as 3-D and Smart TV with Internet connectivity and we can be sure to see ready adoption by consumers, which will continue to propel the performance of the industry,” she concluded.