Media tablets posted a nearly two-fold (95 percent) increase in sales volume in the first quarter of 2014 compared with the same period last year.
GfK’s new retail audit report also shows that tech savvy consumers in the country spent around USD65.8 million on 270,000 units of media tablets in the first three months of 2014 as compared to only USD49 million in the same timeframe last year.
“The fact that three-quarters of the population fall below 40 years of age is a strong driver for the development of technical products as younger consumers are much more open to the adoption of new technology,” said Benny Villanueva, Managing Director for GfK in the Philippines.
Another growth driver of the buoyant media tablet sector is the wide array of product brands and models that are available to consumers. This year, 22 new local and international players jumped onto the bandwagon to introduce a total of 150 models into the market, offering media tablets for as low as USD42 to as high as USD1,012.
“While major international brands have consistently played in the higher price brackets, local and Chinese brands have successfully developed the low price segment which brought down the average cost and made the device even more affordable,” Villanueva added.
GfK reported the average price of media tablets dropping by around 31 percent from last year’s USD356 to USD246 for the first quarter of 2014. In spite of the lower prices, total market value for media tablets still managed to rise by 35 percent attributed to the strong sales volume of the product.
“Its greater portability, on top of similar basic functionalities with netbooks and laptops make media tablets a very much sought-after option for buyers seeking portable computing devices,” said Villanueva.