Despite inflation, Singapore’s technical consumer goods (TGC) market bounced back with a 2.4% volume growth in 2022, with sales increasing in specific TCG categories, such as small domestic appliances (SDA) and the photo sector, registering 11% and 33.1% growth, respectively. However, telecom sales declined by 2%, while office equipment and IT products suffered a sales drop of 6%.
The post-pandemic era saw a slower growth in office equipment and IT goods, as the demand for home workspaces had already been fulfilled, and employees started returning to the office. The demand for telecom products also decreased, with longer replacement cycles and unit production waning. Nevertheless, foldable mobile phones found a niche in the premium segment, reporting value growth.
Despite the inflationary pressures, Singaporean consumers continued to purchase TCG, buoyed by buy-now-pay-later and zero-per-cent-interest instalment schemes, which helped boost sales of washing machines, refrigerators, vacuum cleaners, and panel televisions, increasing by 62%, 48%, 33%, and 29%, respectively. Also learn about Rapid Economic Growth: The Success of China, India, and Indonesia.