As temperatures in the country hit the roof, Singaporeans splashed out US$15 million (S$18.75 million) buying up 250,000 electric fans in the first six months of the year, data by research agency GfK Asia showed.
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Here is the full statement from GfK:
SINGAPORE -While Singaporeans complain about the hotter than normal weather that usually falls in the earlier part of the year, manufacturers and retailers of cooling aids such as fans, air coolers and air-conditioners are the ones who are reaping gains as a result.
Demand for these appliances reported a steady upsurge from March onwards this year, peaking in the month of May where over 50,000 units of fans were snapped up-some 60 per cent more compared to the non-peak month of January this year.
"According to the meteorological service, March to May have typically been the hottest months in Singapore reaching, a maximum average of 31.7 degree Celsius and above for over six decades," said Jasmine Lim, Account Director for Home & Lifestyle at GfK Asia.
"This year, Singapore experienced several periods of dry spells with higher than average temperatures recorded for March at 33 degree Celsius, which explains the increased need to cool down during this hot dry month."
According to retail audit data from GfK, standing fan is the most popular fan type amongst Singaporean households, with one in two electrical fans sold coming from this segment. In the first half of this year, nearly one in two electrical fans bought were standing fans. Trailing behind were table fans and floor fans, each contributing to about 15 per cent of overall volume sales.
The sweltering climate has also stimulated sales of other cooling appliances such as air conditioners and air coolers. GfK reports revealed a significant surge in air conditioner sales, which registered spikes in demand between 26 to 67 per cent in March to May over the average sales volume seen in the first two months this year.
Similar growth trends were reflected for air coolers, with consumers buying over US$1 million (S$1.25 million) worth of the product in January to June.
"During this time when rising energy cost is a concern, the electrical fan is still the most affordable option for consumers needing to combate the heat in their homes," said Lim. "Air cons and air coolers are more effective for cooling down but there are higher cost implications, not only due to its more expensive price tag but also the effect on long term utility charges."
Major electrical fan manufacturers are widening their product repertoire to cater to different segments of consumers with varying budgets and requirements. In the first half of 2014, over 30 brands and 350 models of fans were available in the local market, with prices ranging from as low as US$16 to a high of US$530.
"Moving forward, we will likely see more widespread advancement in fan technology, such as the bladeless fans, which have become increasingly popular with those who prefer fans with aesthetical appeal," said Lim. "With the tropical climate and spots of dry spells set to continue for Singapore, the market for electrical fans will no doubt continue to thrive, and robust growth is anticipated especially during these hotter months of the year," she concluded.