The buoyant Chinese economy has fuelled a 19 per cent increase in consumer spending on items such as mobile phones, PC’s and flat screen televisions in the region with associated revenues projected to grow to $100 billion by 2009, according to a new report by marketing group GfK and the Consumer Electronics Association.
The research also anticipates slower growth in Europe and North America with global growth being driven by Asian spending, rising 9.4 per cent this year.
As seen in Europe, some of this growth will be fuelled by replacement technologies, for example notebooks replacing desktop hardware in the office. However, China already accounts for ten per cent of the global market and with Asian revenues forecast to grow by 16.5 per cent, the potential for growth appears to be good.
This growth in consumer hardware has also encouraged spending on accessories such as printers, memory cards and digital photo frames.
Anthony Rode of GfK said: “In the past, hardware products were for your home. Now, half are for your living room, half are in your pocket”.