Read in-depth analysis on the key trends shaping demand across in...
Read in-depth analysis on the key trends shaping demand across industries, consumers and national markets, with insight and market statistics that offer global strategic coverage.
As sales in consumer appliances and electronics moderate, brands must differentiate by delivering on key trends in the highly consolidated industries. Sustainability and connectivity remain key areas of investment, and wellness has emerged as a key…
Sales of consumer electronics were negatively impacted as consumers cut down on discretionary purchases as prices of electronics products escalated despite the economic uncertainties.
Consumers have reduced their discretionary purchases, owing to economic uncertainties and high inflation. Early projections by manufacturers proved to be overly optimistic, as sales of consumer electronics have declined further.
Sales of consumer electronics are projected to undergo a V-shaped recovery, following a 5% decline in value terms in 2020. As consumers become accustomed to the new normal, sales are forecast to return to growth in 2021.
Sales of consumer electronics are projected to turn positive in 2021 after consumers’ sentiment was badly affected by the pandemic. However, a full recovery is only expected in 2022 as sales exceed pre-pandemic levels.