Home audio and cinema products continue to lose sales due to the limited number of product innovations, a lack of promotional support and the fact that these devices are not needed by consumers as they can be easily replaced by others, such as hi-fi systems, the category posting the largest drop. This overarching trend of declining demand was exacerbated in 2020 by the reduction of disposable incomes and discretionary purchases due to the economic impact of COVID-19, with consumers instead prioritising essential items.
Consumers spending more time at home due to COVID-19 has supported the demand for speakers, especially quality soundbars with significant sound improvement. Soundbars are increasingly demanded, being a popular solution to be used in conjunction with televisions, especially larger models that might offer a quality viewing experience but suffer from weaker sound output.
Product innovations have been relatively rare within home audio and cinema. However, in September 2020 Sony announced it would be launching two new additions to its High Power Audio systems.
It is predicted that home audio and cinema products will continue to lose demand over the forecast period, resulting from less need of such electronics in households. Improving sound quality in individual devices, such as TVs, will be sufficient for many consumers, making it less necessary to use home audio and cinema products.
In Hungary, the COVID-19 pandemic is predicted to slowly lose its power amid vaccination roll-out, and government restrictions in terms of lockdowns will be less likely. This will have a negative impact on sales of speakers, which is expected to lose ground in sales terms over the forecast period compared with 2021.
As companies that are well established in home audio and cinema are present in other categories of consumer electronics, they will tend to focus less on home audio and cinema for product innovations given the dwindling popularity of these goods. Hi-fi systems is one area that will see accelerated sales decline.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema industry in Hungary 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 Hungary, 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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