Sales of consumer electronics are projected to make a full recovery in 2022 as they exceed the pre-pandemic level. As the world moves into the new normal, restored consumer confidence in income stability, rising vaccination levels across markets, and technological innovation will continue to drive the industry forward.
The economy has been growing resilience with climbing vaccination rates and patterned protective measures, leading to more optimistic consumer income and spending for consumer electronics in 2022.
Despite supply constraints caused by shortage of semiconductor and key components continuing to impede production and delivery of high-tech goods, retail volume sales of consumer electronics in 2021 still posted positive growth compared to 2020. Shortage of supply also led to a retail price rise for selected categories due to manufacturers’ reallocation of resources to premium models.
Technological innovation is an affirmative industry response to extend the maturity stage and shift to a new growth curve before it enters decline. Manufacturers should continue to cultivate capabilities to innovate and deliver innovation.
Companies have been exploring growing smartphone peripherals, which include headphones, wireless speakers, and wearables, to sell more hardware. More cost-competitive and innovative services as a new business model are also a key strategy to drive growth.
Chinese smartphone brands have successfully penetrated in emerging markets outside of China, employing a multibrand and “flagship killer” strategy. With Huawei’s global retreat, their attempts could also be observed to tap into the premium segment.
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