The past year has seen a big surge in spending by people in eight south-east Asian countries on buy new and upgrading existing domestic appliances.
That was the big finding of a survey carried out by German-based market research firm GfK, which highlighted Cambodia being in the forefront of this surge, having seen sales leap by 59 per cent in a year.
Between July 2013 and this August, Cambodians spent $50million, and bought 137,000 items, the research found, adding that items such as washing machines and microwaves are widely seen as status symbols in the growing economies of the region.
GfK spokesperson Seraphina Wee, noting that fridges and air conditioners were the most popular items on Cambodians’ shopping lists, said: “Cambodia is an emerging market and the demand for major domestic appliances is only just starting to be boosted thanks to the country’s economic and construction sector growth”.
The survey found that more than 20.5 billion major appliances were sold in the countries surveyed – Cambodia, Singapore, Malaysia, Thailand, Vietnam, Indonesia, Laos and the Philippines.
Daisuke Maeda, managing director of lending company Aeon Microfinance Cambodia said his business saw a five-fold increase in home appliance loans between June 2013 and June this year.
“We can see some signs of a middle class family by the increase in electric appliance sales,” he added.