Consumer Electronics: Half-Year Update H1 2023

May 2023

Sales of consumer electronics were negatively impacted as consumers cut down on discretionary purchases as prices of electronics products escalated despite the economic uncertainties.

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This report comes in PPT.

Key findings

Consumers cut down on discretionary purchases

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.

Big-ticket items expected to be impacted the most

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.

Affordable products to be relatively unaffected

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.

Products to continue to get more expensive

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.

About this briefing
Key findings
Forecast sales impacted as consumers cut down on discretionary purchases
Key factors impacting sales of consumer electronics
Global inflation impacting consumers’ buying appetite
Investing in R&D and adding more features to drive revenue growth
Samsung and Apple duopoly means these companies dictate pricing strategies
High laptop prices will continue to drive forecast growth despite a blip in 2023
Current LCD TVs are good enough as consumers refrain from upgrading
Smartphones projected to escape unscathed as forecast demand is largely unaffected
TWS earbuds are an affordable luxury that consumers are willing to splurge on
Health still takes precedent as spending on smart wearables continues
Global economy edges closer to recession amid sharp slowdown
Global inflation begins gradual downward trend - but remains significantly elevated in 2023
Real GDP annual growth forecasts and revisions from last quarter
About Euromonitor International’s Forecast Model (1)
About Euromonitor International’s Forecast Model (2)
About Euromonitor International’s Macro Model
Data and reporting timeline: Consumer Electronics

Consumer Electronics

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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