ASEAN KEY DESTINATIONS
Hong Kong consumers splurged USD10 million more on headphones, headsets and mini-speakers in the last twelve months: GfK
Smart mobile devices stimulate strong demand for such audio accessories to hit USD 77 million
HONG KONG, 15 April 2014 – High ownership of smartphones, tablets and phablets in Hong Kong have been positively impacting sales of complementary products like headphones and headsets, as well as mini-speakers which reported significant market expansion at the back of consumers’ fixation with smart mobile devices; having spent more than USD 4.2 billion on nearly 8.4 million units of such devices in the past 12 months.
According to the latest GfK findings, the combined market of headphones, headsets and mini-speakers generated nearly USD 77 million in the last one year period, reflecting a 10 percent surge over the same time frame a year ago. While sales revenue for headphones and headsets expanded by 9 percent, mini-speakers sold 83 percent more in volume and raked in additional 32 percent in sales dollar.
“The sophisticated consumers in Hong Kong are exhibiting an increasing willingness to spend more in order to enhance their mobile entertainment experience by attaining better sound quality with better quality audio accessories,” commented Walter Leung, Managing Director for GfK in Hong Kong. “Our findings reveal that some of the premium headphone and headset models which cost above USD500 have been enjoying good response from local consumers.”
Another notable market trend is the growing preference for products with the Bluetooth feature. Such wireless headphones and headsets reported a 23 percent spike in value contribution in the past year. Sales volume also grew by 6 percent to reach more than 126,000 units, accounting for 14 percent of all headphones and headsets sold.
Meanwhile, the USD 5.5 million Bluetooth mini-speaker market in Hong Kong recorded a tremendous threefold (200%) growth in sales volume and 97 percent in value. Over 68,000 of such devices were snapped up, translating to over nine in ten (92%) of the total market.
“The ease and convenience of Bluetooth technology is definitely welcomed by today’s high tech users,” said Leung. “With some of our daily lives already so cluttered and hectic, being able to simplify processes and do away with the need for wires and cables are much appreciated by consumers,” he highlighted
The rising prevalence of Bluetooth technology has enticed many new and existing manufacturers to introduce audio accessories with this feature. In the past 12 months, a total of 44 new brands of headphones and headsets were launched in Hong Kong, offering consumers 55 additional models that comes with the Bluetooth enabled options. More than 100 new mini-speaker models from 51 brands with the same technology entered the local market as well during this period of time.
“Also to watch out for are the headphones/headsets and mini-speakers with specialised features for more specific functions, such as the waterproof speakers and sweat-proof headphones to target more niche markets,” said Leung. “As market saturation sets in in time to come, we can also anticipate the premium, high-end models to be the key growth engine in audio accessories,” he concluded.
GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions. More than 13,000 market research experts combine their passion with GfK’s 80 years of data science experience. This allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries. By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers’ experiences and choices.
For more information, please visit www.GfK.com or follow GfK on Twitter: https://twitter.com/GfK_en
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