Unit sales of tech and durables market drop 7% YoY in 1H23

Across subsegments, IT recorded the biggest drop in value USD terms, falling -22%.

Hong Kong's tech and durables market recorded a 7% decline in unit sales and a 2% drop in market USD value in the first half of 2023 (1H23), market research company GfK reported.

Subsegments which performed well during the period in value USD terms include photo appliances (camera, camcorder, etc.)  which recorded a 41% YoY increase, and telecom (+6% YoY).

On the flip side, the consumer electronics (TVs, soundbars, etc.), IT (mobile PCs, hardware, etc.), and small domestic appliances (fryers, mixers, etc.) segments recorded a decline in value USD terms, falling by -12% YoY, -22% YoY, and -17% YoY, respectively.

GfK said products that offer greater convenience have shown strong growth in Hong Kong, citing washing machines with automatic dispensers which saw a 29% sales growth, exceeding the 5% growth rate of overall washing machines.

To add, Gfk said whilst overall refrigerators declined by 10%, refrigerators with smart applications and voice control grew by 17%. 

“These are aligned with smart home trends for greater convenience demanded by the discerning consumers in Hong Kong,” GfK said.

Whilst the demand for premiumisation is not as strong this year compared to 2022, high-end models within affordable premium price bands continue to outperform the market average, said GfK.

“For instance, while the overall Hong Kong TV market is down 20% in the first half of 2023 compared to the same period last year, the sales volume of premium TVs over 75 inches increased by 7%. In the telecom sector, overall smartphone sales grew by 6%, while those with larger than 256 GB of internal storage grew by 49%,” the company said.