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BNPL schemes pushed consumers to buy goods amidst rising prices.
Despite rising inflation, Singapore’s technical consumer goods (TGC) market bounced back to growth in 2022, with volume rising by 2.4%.
Data from GfK showed that sales also increased across types of TCG like small domestic appliances (SDA) and the photo sector, recording 11% and 33.1% growth, respectively.
Telecom sales, however, declined 2%, whilst office equipment and IT products reeled from a sales drop of 6%.
“Office equipment and IT goods underwent slower growth after demand for home workspaces in the post-pandemic age had been fulfilled and employees returning to the office. The demand for telecom products had also softened with possible longer replacement cycles and as unit production waned, however, foldable mobile phones have created a niche in the premium segment reporting value growth,” Gfk said.
Meanwhile, Gfk observed that consumers were still willing to buy TCG, despite elevated prices due to buy now, pay later and zero per cent interest instalment schemes.
The payment schemes helped boost sales of washing machines, refrigerators, vacuum cleaners and panel television by 62%, 48%, 33% and 29%, respectively.
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