Comments
Despite many global markets experiencing a slowdown in consumer technology spending, demand in the entire Gulf Corporation Council (GCC) region is on the rise, a new research report has claimed.
Business Monitor International (BMI), in its Q3, 2011, report, predicts a 4 per cent year-on-year rise in the value of the consumer technology market value across the region to $9.8 billion by the end of 2011.
The size of consumer technology market is estimated to reach $4 billion by the end of this year in Saudi Arabia, $799 million in Kuwait, $521 million in Oman, $481 million in Qatar and $452 million in Bahrain, the report said.
The size of the UAE’s electronics device market is projected to hit $3.4 billion by the end of this year. This is expected to increase to $4.3 billion by 2015, driven by the popularity of new electronic devices such as LED and 3G TV sets, 3G mobile handsets, smartphones, feature-rich notebooks, MP3/MP4 players, 3D technology and Blu-ray players.
According to BMI estimates, UAE residents will spend $7.71 billion on food items this year, meaning that consumer technology sales will be the equivalent of 45 per cent of their annual food spend.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.