Slow Holiday Sales For Canon
The chairman of Canon Inc, which is the world's largest digital camera maker and SLR camera manufacturer has said the company's year-end holiday sales were "disappointing" and Canon has also expected a difficult 2009 as a worldwide economic downturn hits consumer demand.
With consumer demand for all electronic products declining fairly rapidly due to the spreading economic downturn, reviews of various consumer spending patters suggests that the outlook for the global $40 billion digital camera market is becoming increasingly glum.
Canon, which competes with Nikon Corp and Sony Corp, has historically benefited from the growing market for single-lens reflex (SLR) cameras, but the demand for such high-end camera models are set to fall on the slowing economy.
Canon said that Holiday sales were disappointing but this is happening all over the world with all electronics. This was communicated on the sidelines of a meeting hosted by South Korean business associations.