Hong Kong consumers have spent more than USD 4.2 billion on nearly 8.4 million units of smartphones and smartphone complimentary products such as headphones and headsets, as well as mini-speakers in the past 12 months.
This is according to GfK, a consumer and market research firm which conducted surveys between March 2014 and February 2013.
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," said 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."
Preference for products with the Bluetooth
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, according to Gfk.
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.
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