In 2020, and since the last quarter of 2019 due to social unrest in the country, many stores remained mostly closed throughout the ups and downs of the COVID-19 pandemic, with most social events and gatherings forbidden. This has hindered potential shoppers from access home audio and cinema.
Cinemas also remained closed for most of 2020 and 2021 and Chileans have looked at ways to recreate the cinema experience at home, with home cinema and speaker systems benefitting from this trend. Home cinema and speaker systems will thus be the only product area in home audio and cinema to maintain retail volume growth in 2021.
While home cinema and speaker systems will see retail volume growth in 2021, current value sales are expected to decline. Consumers are looking for lower prices when buying these items, which they can obtain by buying lesser-known brands.
Retail volume decline is expected to continue for home audio and cinema in the forecast period but at a lesser level than seen in the last two years of the review period. Home cinema and speaker systems will remain an exception to the general trend, however, and is expected to see slight growth over the forecast period, as Chileans look into improving their home entertainment setups.
As technology further develops for wireless devices and prices become more accessible in the forecast period, Chileans will move towards smart technologies that are able to reproduce the sound quality of hi-fi devices, standalone speakers and home theatre systems. They will also seek products that occupy less space and have fewer cables, including televisions that are able to reproduce a better sound experience.
Soundbars continued to perform well at the end of the review period and is expected to maintain growth, as technology improvements make it possible to pack impressive sound into these compact products that also require less cables and space. However, as technology develops, this is expected to result in lower costs per unit.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema industry in Chile with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home Audio and Cinema industry in Chile, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Home Audio and Cinema research and analysis database.
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