We forecast that Singapore's consumer electronics spending will increase 3.9% in US dollar terms in 2014 to reach US$4.4bn. In 2013, spending on high-end consumer electronics products has been supported by the tight labour market. Strong sales of smartphones, tablets, Blu-ray players and digital cameras have underlined the relative buoyancy of Singapore's consumers, as well as the popularity of technology products as gifts. Singapore has one of the highest smartphone penetration rates in the world, estimated at around 75%. In the AV category, digital broadcasting migration will create a market for digital converters based on the DVB2 standard. There are a number of other key growth areas, such as 3G phones, Wi-Fi-enabled, ultra-HD and Smart 3D TV sets, Blu-ray DVD players, tablets and high-end notebooks.