Global market research company, GfK, forecasts a stable year for the Technical Consumer Goods (TCG) industry in the Asia Pacific region in 2023, driven by value-seeking consumers.
Despite facing various challenges, such as rising costs and inflationary pressures, brands and manufacturers can benefit from opportunities in emerging markets, particularly India and Southeast Asia.
Smart devices and premiumisation of product offerings are expected to drive revenue growth, requiring brands to have agility in production cycles and innovation in marketing.
Sales of photo products and gaming hardware are expected to rise in 2023, particularly in Singapore, Malaysia, and Southeast Asia.
Online sales continue to gain significance in the post-pandemic world, with sustainability emerging as a key trend in the TCG sector. Brands that communicate sustainability actions can connect with environmentally-minded consumers and charge more for being green.
Looking ahead
Brands and manufacturers can benefit from more opportunities and favorable external forces in 2023. A tourism recovery in the post-pandemic world, a decrease in transportation and shipping costs and the opening of the Chinese economy will enable growth with product innovation and differentiation that yield higher profits.
GfK, with over 85 years of experience in market research, offers reliable data and insights powered by advanced AI capabilities to solve critical business questions around consumers, markets, brands, and media. Their expertise enables clients and partners to make real-time actionable recommendations that drive marketing, sales, and organizational effectiveness, delivering “Growth from Knowledge”.
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