MANILA, Philippines - The Philippines saw the fastest growth in flat panel TV sales in the region in January to November last year, research firm GfK said in a statement.
Data showed the demand for flat panel TVs in the Southeast Asian region jumped 26% to 8.3 million in the 11 months to November 2012 amid constant evolution and innovation of TV technology.
GfK said the Philippines had the fastest growth in volume sales at 70%, followed by Indonesia at 67%, Malaysia at 17%, and Thailand at 10%.
But Singapore saw a contraction of 19%, while sales in Vietnam declined by 4%.
"The developing countries are getting more exposed to the advantages of this newer TV technology and its consumers are increasingly demanding for it," Gerard Tan, GfK Asia account director for digital technology, said in the statement.
LCD has been the top grossing TV type in the region, comprising nine out of 10 sets bought by consumers, as Malaysia, Vietnam, Thailand and Indonesia all booked a 10% to 70% increase in sales of said TV sets.
However, bulk or 77% of flat panel TV sales in Singapore were LED TVs, with the remaining being Plasma TVs.
For this year, Tan said the TV market in the region is expected to remain robust despite a cautious economic outlook in Southeast Asia.
"[W]ith the current economic outlook in the region, consumers are likely to be exercising more caution in spending on big ticket items such as these upmarket TVs," Tan said.
"Nevertheless, we foresee the overall TV market to continue remaining buoyant in 2013, attributable to the continued switchover process in the developing markets," he continued.