The unprecedented economic downturn severely impacted consumer electronics, primarily across the low to middle socioeconomic groups. In contrast to the weak GDP growth in 2017 and 2018, the record low interest rate and inflation alongside currency exchange rate stability were turning points that drove the market to much-awaited growth.
Smart devices moved forward and continued to consistently outperform others. With each category at unequivocally different stages of maturity, connected products will continue to gain room in Brazil.
The dominance of international manufacturers pervaded across all consumer electronics categories – primarily Asian and North American companies. However, the market is expected to become more fragmented with the arrival of new international players.
Some renowned retail chains – Magazine Luiza, Pontofrio, Casas Bahia, Carrefour, increasingly adopted more robust digital strategies to cater to the growing consumer habit for shopping through internet retailing. Magazine Luiza is the biggest exponent with a robust data-driven and AI strategy to seamlessly interact and better understand the consumer journey throughout digital platforms especially in electronics where typically high prices mean consumers spend more time comparing prices, features and payment conditions.
The high number of households without internet access will contrast sharply with the group of connected consumers enhancing their wireless capacity. The latter development, as a result of better telecom coverage and 5G in the long run, could dramatically change how consumers live in the future thanks to the expected benefits of improved connectivity.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Electronics industry in Brazil with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Consumer Electronics market research database.