Malaysia and Indonesia showed strongest growth rates in the technical consumer goods (TCG) market among five Southeast Asian countries, GfK reveals.
According to the study released Tuesday, Malaysia and Indonesia recorded growth of 32 percent and 15 percent, respectively, in the first three months of 2012 over the same time last year. The TCG market includes consumer electronics, small domestic appliances, major domestic appliances (MDA), photo, information technology (IT), office equipment and consumables, and telecommunication sectors, the research firm stated.
Malaysia's strong performance was driven by the telecommunications, office, MDA and IT sectors, which expanded between 24 percent and 61.7 percent, and helped raise the value of the market to 5.3 billion ringgit (US$1.7 billion). Similarly, Indonesia generated sales of 28 trillion rupiah (US$299.6 million) due to the "substantial increase" in the IT, consumer electronics and MDA sectors, the study showed.
The survey was conducted between January and March this year, and tracked the performances of Singapore, Malaysia, Thailand, Vietnam, and Indonesia.
The telecommunications sector expanded the most, as seen by the 50 percent and 62 percent growth rates posted by Singapore and Malaysia, respectively. The IT sector also grew 4 percent to 33 percent across the five markets, it stated.
Both these sectors are expected to be the two "star performers" in Southeast Asia TCG market moving forward thanks to the growing popularity of technology gadgets such as smartphones and tablets, which are seeing rapid adoption in the region.
"The mounting consumer demand for these devices will continue to play a major role in driving the performance of the TCG [market] in the emerging markets of Southeast Asia," Stanley Kee, managing director of GfK Southeast Asia, said in the report.