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Q120 TV Shipments in China Down 20.1% Y/Y
April 26, 2020
TV set shipments in China for 1Q indicate a decline of 20.1% Y/Y to just under 10m units. January saw a decline of 19.3% Y/Y while February, the slowest month of the year, saw a decline of 27.3% Y/Y. March, which typically sees a rebound after the Chinese New Year holiday, still saw a decline as COVID-19 restrictions limited buyers to on-line sales. The value of TV sales in China dropped by 33.9% Y/Y, likely a result of aggressive discounting by brands to capture what little unit volume there was during the lockdown.
TCL experienced a 20.2% decline in 1Q house brand and ODM sales Y/Y, with North America down 52.1%, offset to a degree by Europe, up 43.9% and emerging markets up 14.3%. Separating out just the TCL brand indicates a decline in their overseas markets in 1Q of 23.8% Y/Y. The company expects shipments to gain momentum in 2Q, but we remain wary of the COVID-19 impact on Europe and the US for at least a portion of 2Q.
April 26, 2020
TV set shipments in China for 1Q indicate a decline of 20.1% Y/Y to just under 10m units. January saw a decline of 19.3% Y/Y while February, the slowest month of the year, saw a decline of 27.3% Y/Y. March, which typically sees a rebound after the Chinese New Year holiday, still saw a decline as COVID-19 restrictions limited buyers to on-line sales. The value of TV sales in China dropped by 33.9% Y/Y, likely a result of aggressive discounting by brands to capture what little unit volume there was during the lockdown.
TCL experienced a 20.2% decline in 1Q house brand and ODM sales Y/Y, with North America down 52.1%, offset to a degree by Europe, up 43.9% and emerging markets up 14.3%. Separating out just the TCL brand indicates a decline in their overseas markets in 1Q of 23.8% Y/Y. The company expects shipments to gain momentum in 2Q, but we remain wary of the COVID-19 impact on Europe and the US for at least a portion of 2Q.
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