According to recent findings by GfK, a trusted source for relevant market and consumer information, the demand for big ticket household electronics and appliances in the Philippines surged dramatically last year, with Flat Screen TVs, Refrigerators, and Air Conditioners specifically garnering a huge portion of expenditures.
Based on the results, 12.8% more TV sets were sold in the country from January to December of 2016 compared to the same period in the previous year. That translates to about 12.9% corresponding growth in dollar value of the market. With this, TVs continue to be one of the key technical consumer goods tracked by the organization which consumers totally spend a lot of money on (Amounting to over USD 595 million).
Refrigerators registered as the one with the second highest growth, registering 9.8 and 8.2% more sales value and volume compared to the previous year. Washing Machines were in demand, with 14.2 and 9.2% value and volume growth compared to 2015.
Despite a very challenging global economic environment, the Philippine economy has grown at a rapid pace during the past five years, supported by sound macroeconomic fundamentals and a highly competitive workforce, which has increased economic optimism among the population. According to the Philippine Statistics Authority (PSA), the country’s economy grew by 6.8% in 2016, the fastest in last three years. This is largely due to the increase in domestic demand, specifically in investments and consumption.
GfK’s Point of Sales Tracking experts ensure that customers are fully updated on the retail and technical consumer products that are being sold. This includes details on where, when, and at what price, all while tracking market share and brand performance for comparison.
Using POS tracking data, GfK’s POS analytics evaluate the sales impact and Return on Investment (RoI) of its clients’ sales and marketing activities. Through advanced econometric modelling techniques and leveraging GfK’s rich tracking data assets, the organization places clients in a position to simulate the outcome of their sales and marketing plans.
For more details, you may visit www.gfk.com or follow GfK on Twitter
Emman has been writing technical and feature articles since 2010. Prior to this, he became one of the instructors at Asia Pacific College in 2008, and eventually landed a job as Business Analyst and Technical Writer at Integrated Open Source Solutions for almost 3 years.
