The growth of consumer electronics and consumer appliances was fuelled by the increase in demand for such products related to working from home and home schooling in 2021, boosting sales of products such as laptops and other accessories. The start of recovery of the economy, rising disposable incomes and the extended loan repayment moratorium also contributed to the positive sentiment in the short term, with consumers expanding their purchasing focus from only necessities to non-essentials.
Many consumers in Hungary closely follow the latest trends and technological innovations. Upgrades to smartphones, televisions, cordless or robotic vacuum cleaners, dashcams, air conditioners and other devices with smart functions are therefore a driver of sales.
COVID-19 made its mark on the number of independent outlets in 2021. Those that managed to overcome the difficulties of 2020 faced further challenges in 2021, such as mandatory outlet closures and periods with limited operating hours during the spring lockdown, market concentration and the skew towards e-commerce.
Nevertheless, some players have been opening new outlets – in particular, e-commerce players have been moving into store-based retailing. For instance, the e-commerce brand eMAG opened its first two physical retail outlets in Budapest in 2020, and expanded in 2021.
The shift towards e-commerce, which is a significant alternative channel for purchases of consumer appliances and consumer electronics, will remain the main force driving the prospects for retail operators, which have already evolved into proficient omnichannel players. However, making the most out of physical retail outlets will remain a major challenge and also opportunity over the forecast period.
The 2020 merger of Extreme Digital and eMAG leaves the question of whether the two brands will remain on the market, or whether one will be phased out. Other than this, no new market entrants are expected, which will maintain the current status quo in the channel, as store-based sales of consumer electronics and consumer appliances are mature.
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Understand the latest market trends and future growth opportunities for the Appliances and Electronics Specialists industry in Hungary with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Appliances and electronics specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: domestic electrical appliances, consumer electronics (including mobile phones), and/or computers and peripherals. Appliances and electronics specialists value sales excludes revenues derived from telecoms service plans and top-up cards. Example brands include Apple, Best Buy, and Gome.See All of Our Definitions
This report originates from Passport, our Appliances and Electronics Specialists research and analysis database.
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