Local consumers spend big on technical goods
Local consumers spend big on technical goods
Vietnamese consumers spent over VND36 trillion on technical consumer goods in the first quarter of 2015, up 22.8% against the same period last year, a report of Gfk Temax Vietnam showed.
According to the report on spending on technical consumers goods in quarter one, all seven of the technical consumer goods groups posted positive gains, with six groups posting double-digit growth.
Strong growth of technical goods in the quarter resulted from the increasing purchasing power in the past Lunar New Year holiday.
Among the seven groups, the photography sector reported the highest growth rate of 43.9% and revenue of VND426 billion, followed by office equipment and consumables jumping 43.2% and having revenue of VND356 billion.
The consumer electronics group was ranked third in terms of growth with a 29.7% increase and VND7.1 trillion in revenue. LCD, LED and Plasma TVs continued to be major products of the group when growing by 31.5% year-on-year. The telecommunications group also reported high growth of 26.2% and revenue of VND15.7 trillion.
Other groups such as domestic appliances and information technology gained lower growth. Major domestic appliances earned revenue of VND6.3 trillion with significant growth of fridges, washing machines and microwaves while small domestic appliances with products like vacuum cleaners and blenders posted revenue of VND1.16 trillion in the quarter.
Regarding the information technology group, desktop computers and tablets grew strongly by 26.5% and 25.6% respectively, helping the group pick up 8.7% and obtain revenue of VND5.1 trillion. However, laptops declined by 9.3% in the quarter.
Gfk forecast the business result of Vietnam’s electronics market in quarter two will not as good as it was in quarter one. Nevertheless, spending on some products like air conditioners, fridges, electric fans, tablets and smartphones will increase.
Gfk’s report was based on revenue of retailers which are partners of Gfk. As many as 425,000 retail stores have cooperated with Gfk globally.
