Consumer electronics achieved declined in retail volume terms in 2019, mainly due to consumers’ constrained spending power, and the high prices of many products in this environment. The perpetual decline of the exchange value rate of Turkish lira against the US dollar directly impact prices, reducing consumer spending power.
As with the previous year, Turkey’s difficult economic conditions in 2019, and the diminishing purchasing power of consumers, continue to hit volume sales of consumer electronics. This had a particularly negative effect on products with higher unit prices, or those perceived as non-essential.
While international players are prominent in the consumer electronics environment, offering high quality products at competitive prices, smaller local companies are gaining presences. For example domestic players have an opportunity to capture sales to low- and middle-income consumers, who seek products offering a high level of functionality, such as smartphones and LCD TVs, but are unwilling or unable to pay the high prices commanded by offerings from multinational players.
Electronics and appliance specialist retailers remained the leading distribution channel for consumer electronics in 2019. However, its share is gradually being eroded by the growing importance of discounters, and online retailers.
The consumer electronics market is set to see a continued decline in retail volume growth terms over the forecast period due to consumers’ reduced spending power. While OLED TVs are set to benefit from growing interest among more affluent consumers in urban areas, particularly as increasing broadband penetration improves access to streaming services and offers higher quality, LCD TVs will see a weaker performance as consumers delay replacement purchases.
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This industry report originates from Passport, our Consumer Electronics market research database.