Spending on technical consumer goods in Vietnam rose 22.8% year-on-year in first quarter according to GfK TEMAX index.
According to GfK TEMAX, an index developed by German market research institute GfK to track technical consumer goods (TCG) markets, Vietnamese consumers spent over VND36 trillion ($1.7 billion) on TCG in the first quarter of this year, an increase of 22.8 per cent year-on-year. All seven of the TCG sectors reported positive gains, six of which were in the double-digit range.
In the first quarter the Photography sector saw sales of VND426 billion ($19.8 million), up 43.9 per cent against the first quarter of 2014. Its robust performance made it the fastest growing TCG sector in the quarter and this was its best quarter since 2011.
Following was Office Equipment and Consumables, which made 43.2 per cent more sales than in the same period last year. Printers and multifunctional devices both contributed substantially, with revenues increasing by 44.3 per cent and 39.8 per cent, respectively, generating VND356 billion ($16.6 million) in total.
Consumer electronic sales rose by 29.7 per cent year-on-year, bringing in some VND7.1 trillion ($330 million). The Panel TV segment was the key driver, with sales surging by 31.2 per cent. Home audio systems and video players/recorders also saw increased sales, of 19.5 per cent and 11.5 per cent, respectively.
Telecommunications, Vietnam’s largest TCG sector, recorded a substantial improvement in sales revenue of 26.2 per cent in the first quarter, totaling VND15.7 trillion ($730 million).
The major domestic appliances sector, which includes the microwave oven, washing machine, and cooling segments, also reported significant year-on-year growth in the first quarter, of VND6.3 billion ($300,000), an increase of 19.3 per cent.
The small domestic appliances sectors, such as vacuum cleaners, food preparation equipment, and electric water heaters, earned VND1.16 trillion ($54 million) in revenue, 17.4 per cent more than in the same period last year.
In the Information Technology sector, although sales of mobile computing fell 9.3 per cent it was compensated for by increased sales of desktop computers and media tablets. This sector saw VND5.1 billion ($237,201) in revenue, up 8.7 per cent.