Sales of consumer electronics remain under pressure in Greece, with ongoing financial hardship forcing consumers to remain budget-conscious. Nevertheless, smartphones remain a top priority among consumers, thus negatively impacting demand for computers among basic users, driving sales growth for wireless speakers and connected home audio and cinema devices, and also affecting the performance of other product types.
Consumer electronics sales have remained somewhat stable in recent years following heavy declines earlier in the review period as a result of the economic crisis. This can partly be attributed to trends such as the shift towards larger screen LCD TVs, which is fuelling value sales in home video and overall consumer electronics.
International players continue to dominate consumer electronics, with brands like Samsung, up-and-coming Huawei and LG occupying the top positions. Nokia and Alcatel (present in declining feature phones), Apple (clear leader in smart wearables), Xiaomi and Sony are also leading players.
Years of recession-led declines have caused numerous independent and chained retailers to shut down, with the closure of Electroniki Athinon during the review period being the most important example of this trend. This has led to a significant degree of concentration in consumer electronics retailing.
The all-in-one trend, whereby the dominance of smartphones renders numerous types of consumer electronics redundant (such as in-car navigation, portable media players, fixed lens cameras) is set to intensify. Meanwhile, the key connectivity trend is expected to continue reshaping various other types of consumer electronics, such as home audio and cinema, home video and in-car entertainment, while generating sales growth in other areas like wireless speakers.
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This industry report originates from Passport, our Consumer Electronics market research database.