Internet TV sales double in the Philippines
Louise Duffy | 05-10-2012
Consumers in the Philippines are continuing to embrace internet-enabled TVs and flat screen technology according to analyst firm GfK Philippines.
GfK Philippines' report shows that flat panel TVs comprise the key driver of category growth in the consumer electronics sector, with sales up 55% by value during first seven months of the year.
During this tracking period, consumers in the Philippines spent an estimated US$357m on nearly 615,000 flat panel TVs, of which over US$58m was derived from sales of some 37,000 units of internet-enabled TV. Although its share of the total flat panel TV market is still small, at 6% in volume, the latest sales figures show an expansion of nearly 300% over the same period last year.
“If this latest trend is an indication of the things to come, internet connectivity may just be the next most popular feature that consumers here will be hankering for,” said Benny Villanueva, GM of GfK Philippines.
“With the aid of promotional initiatives like the zero per cent instalment plans, buyers are able to appreciate minimal price gaps between internet-enabled TVs and regular flat panel TVs.
Over one in every three (36%) internet-enabled TV sets sold in the first seven months of the year had a 32in screen. Since June this year, this screen size has become the most popular segment for Internet-enabled TV in Philippines today.
The average price of such TVs has fallen to less than US$700 since the beginning of Q2 - a strong contributing factor to the rapid take-up rate by consumers.
“Moving forward, we foresee this uptrend towards internet-enabled TV to continue as we approach the year-end festive season where consumers will be seeking the best value-for-money gift items,” Villanueva added.