Hong Kong, 16 October 2012 – Hong Kong is known for its fast-paced lifestyle and small homes and kitchens as a result of high population density—key factors attributed for the low frequency of home cooking in the country. Nonetheless, demand for small domestic appliances here has surged in the first eight months of this year to turn in robust growth of more than 23 percent in value and nearly 14 percent in volume.
Within the sector, it was the food preparation segment consisting of products such as liquidizer, kitchen machine, hand mixer, hand blender, food processor, and chopper which turned in the most robust performance. Compared to the first eight months of 2011, consumers in Hong Kong bought nearly 21,000 more food preparation appliances worth around USD2.8 million during the same period this year. This reflects a continued heightening demand for such appliances by 26 and 37 percent in volume and value respectively.
“An important driving force behind the good results in food preparation is the fact that the busy consumers here leading hectic schedules are constantly in search of more high-tech and multifunctional appliances that can enhance their life,” highlighted Mr. Walter Leung, general manager of GfK Hong Kong. “For instance, two of the increasingly popular appliances which are able to meet these needs are the ultra-speed liquidizer and the kitchen machine.”
The liquidizer is the most commonly purchased food preparation equipment, making up 56 percent of all volume sales and contributing 67 percent to the total dollar value of the category. Consumer demand for the product has surged by 15 percent in volume to expand the overall worth of the market in the first eight months of this year by more than 27 percent over the same period last year.
“Ultra-speed liquidizers claim to have the capability of preserving the nutrients of fruits and vegetables—an important feature which appeal to the increasingly health conscious Hong Kong population,” explained Mr. Leung. “Fuelled by the aggressive marketing efforts of manufacturers, these enhanced mixers have been gradually gaining acceptance despite its premium pricing, which hovers around USD 430 today.”
Another high-end small kitchen appliance which been experiencing strong growth is the kitchen machine. Its average price of USD600 has not hampered sales which have more than doubled in both volume and value at 115 and 122 percent respectively.
Other food preparation equipment such as choppers, hand blenders and hand mixers are also on the uptrend and recorded considerable value growth in the range of 32 to 91 percent.
“Hong Kong is a dynamic market with a significantly high level of sophisticated international population who appreciate new high quality products,” noted Mr. Leung. “There is definitely great potential specifically in the food preparation market which accommodated 20 additional product models of appliances in the last year. With the onset of the festive season, we can confidently anticipate performance for the segment to continue to strengthen and achieve an impressive close for 2012,” he concluded.
The GfK Group
GfK is one of the world’s largest research companies, with more than 11,500 experts working to discover new insights into the way people live, think and shop, in over 100 markets, every day. GfK is constantly innovating and using the latest technologies and the most intelligent methodologies to give its clients the clearest understanding of the most important people in the world: their customers. In 2011, GfK’s sales amounted to EUR 1.37 billion.
To find out more, visit www.gfk.com or www.gfkrt.com/asia. Follow GfK on Twitter: www.twitter.com/gfk_group
-END-
*Notes:
- Survey period: Jan - August 2012
- Year-on-year comparison: January to August 2012 VS January to August 2011
- Small Domestic Appliances tracking in Hong Kong: Air Treatment, Dental Care, Food Preparation, Hair Dryer, Hair Styler, Hot Beverage Maker, Iron, Rice Cooker, Shaver and Vacuum Cleaner
______________________________
Seraphina Wee
Regional Manager, PR & Communications
+65 6826 8622 I +65 9385 0222
GfK Asia Pte Ltd | One George Street | 1 George Street #22-02 | Singapore 045149