Retail in Asia

In Trends

Telcos, small appliances aid growth of HK’s TCG market in 3Q

Hong Kong’s technical consumer goods (TCG) market recorded a single-digit growth at the end of the third quarter, aided in part by the telecommunications and the small domestic appliances (SDA) sectors.

In Q3, both the biggest sector, Telco, and the smallest, SDA, saw phenomenal double-digit growth compared to 2Q. Total spending within the Hong Kong TEMAX markets achieved HKD14 billion (USD1.8 billion).

The telco sector secured close to HKD6 billion (USD774.1 million) earnings in 3Q, registering close to 30 percent growth compared to Q3 2011 as key players launched key models.

The 4G LTE segment also benefited from the new launches in September and reached a 20 percent share of the total smartphones market.

Sales for small domestic appliances, on the the other hand, garnered double-digit growth in 3Q compared to the same period last year. Rice cookers and food preparation emerged the better performers with more than 20 percent growth.

GfK Asia said Hong Kong’s TCG market will likely continue along the same direction as in the third quarter. Despite the uncertain economic outlook, willingness to buy innovative product is still strong, so smartphones and webbook sales will continue to thrive.