{"id":19609,"date":"2023-07-28T12:00:14","date_gmt":"2023-07-28T04:00:14","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=19609"},"modified":"2025-02-07T11:53:27","modified_gmt":"2025-02-07T03:53:27","slug":"techfair-survey","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/electronics-lighting\/techfair-survey\/","title":{"rendered":"Tech Fair Survey: How Trade Buyers are Adapting to Changing Market Demands"},"content":{"rendered":"\t\t
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To gauge buyers’ feedback and identify their sourcing needs, explore product trends, and understand their business development, a comprehensive survey was conducted among international buyers at the Hong Kong Electronics Fair<\/em> and International Lighting Fair (Spring Edition)<\/em> from 12-15 April 2023. A total of 455 trade buyers were interviewed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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General Findings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Perspective 1: Sourcing New Products and Identifying New Suppliers are the Main Objectives of Trade Fair Buyers<\/h3>

According to the survey, approximately 80% of buyers attend trade fairs with the purpose of sourcing new products, while two-thirds of buyers also aim to discover new suppliers at these events.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 2: Optimism among Buyers for Short and Medium-term Business Prospects<\/h3>

The majority of buyers expressed optimism towards their business development, with 54% expecting an increase in sales in the short term (6-12 months) and 71% in the medium term (12-24 months).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 3: Buyers Conservative in Raising Retail Prices Despite Increasing Sourcing Costs<\/h3>

Although more than 60% of buyers reported an increase in sourcing costs compared to the previous year, less than 50% increased their retail price to the end consumer. This suggests that buyers\/retailers tend to be conservative in raising retail prices and have to absorb some of the increased cost of sourcing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 4:\u00a0Increasing Product Variety and Engaging more Suppliers<\/h3>

Close to 70% of buyers have sourced more product variety, which reflects the increase of sourcing costs and their attempt to mitigate the increase in operating costs. Moreover, 67% of buyers have engaged more suppliers, which may indicate that buyers are willing to diversify their sourcing channels to reduce the risk of supply chain disruptions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 5: Majority of Buyers use Both Physical and Online Sourcing Channels<\/h3>

60% of respondents used both physical and online sourcing channels. Of those who used physical channels, 85% chose it, while 75% chose online channels. Physical channels were more popular overall, but online channels still had significant support.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 6:\u00a0Top Physical Trade Fair Destinations: Hong Kong and Chinese Mainland<\/h3>

Similar to the survey we did in January (Hong Kong Toys and Games Fairs), Hong Kong and Chinese Mainland are the most popular physical trade fair destinations, with 91% and 70% of buyers respectively rating them as their preferred trade fair destinations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Upcoming Electronics and Lighting Product Trends <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Perspective 7: Electronics Industry to Experience Growth in Multiple Categories<\/h3>

The electronics industry is expected to experience growth potential in 2023 across various product categories, with wearable electronics<\/a> and robotics<\/a> being the most promising markets for the next two years. 82% of surveyed buyers express optimism about this product category, while 79% of buyers have similarly high hopes for the robotics market. An increasingly digitalized lifestyle provides the consumer electronics market with huge potential.<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Perspective 8:\u00a0Buyers are Optimistic about LED Lighting and Smart Systems<\/h3>

The survey revealed that over 50% of buyers anticipate the biggest growth potential in LED lighting<\/a> this year, with Outdoor & Public Lighting<\/a> and Commercial Lighting<\/a> following.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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As LED technology continues to improve and gain widespread adoption, over 60% of buyers predict that there will be significant development potential for household smart lighting systems<\/a> that can be controlled by smart devices. These findings suggest that the lighting industry is poised for growth and innovation, with increasing demand for energy-efficient and smart lighting solutions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Summary<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The electronics and lighting industries are poised for growth and innovation<\/strong>, with buyers predicting significant potential for various product categories including wearable electronics and robotics<\/em>, as well as LED lighting and smart systems<\/em>, reflecting the increasing demand for energy-efficient and smart solutions.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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As majority of buyers expressed confidence in online sourcing, why not start your search of electronics and lighting products in our e-Marketplace<\/a>? You can access via below banner:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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If you are looking for new business opportunities for your products, reach out to us for a promotional package:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

To gauge buyers’ feedback and identify their sourcing needs, explore product trends, and understand their business development, a comprehensive survey was conducted among international buyers … <\/p>\n","protected":false},"author":28,"featured_media":19610,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389,413,415,401,378,24,366,2],"tags":[],"class_list":["post-19609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buyer-surveys","category-electronics","category-electronics-fairs","category-electronics-lighting-fairs","category-electronics-lighting","category-events","category-fairs","category-trend"],"yoast_head":"\nTech Fair Survey: How Trade Buyers are Adapting to Changing Market Demands - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"To gauge buyers' feedback and identify their sourcing needs, explore product trends, and understand their business development, a comprehensive survey was\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sourcing.hktdc.com\/newsbites\/techfair-survey\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech Fair Survey: How Trade Buyers are Adapting to Changing Market Demands - 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