Sales of consumer electronics were negatively impacted as consumers cut down on discretionary purchases as prices of electronics products escalated despite the economic uncertainties.
This report comes in PPT.
Retail forecast growth for consumer electronics sales has been revised downwards as consumers cut down on discretionary purchases due to inflation and weak economic outlook.
Products such as LCD TVs and laptops will bear the brunt as consumers refrain from making expensive purchases and upgrading to new models. Consumers subscribe to streaming services (cheaper) or hold off upgrading.
Consumers will continue to splurge on relatively inexpensive purchases such as smart wearables, TWS earbuds and even smartphones. These products will satisfy consumers’ desire for new gadgets without burning a hole in their pockets.
As demand for electronics products wanes, manufacturers pile on new features and invest in new technologies which leads to an increase in unit selling price. Manufacturers are banking on affluent consumers to grow revenues and profit margins.
Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer.
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