According to the NGO Observatorio Venezolano de Violencia (Venezuelan Observatory of Violence), Venezuela registered 89 violent deaths per 100,000 inhabitants in 2017, which translated into 26,616 victims and kept the country in second place in the list of the most dangerous countries in the world. Over the review period, there was a strong emerging trend amongst Venezuelan consumers to have as many amenities at home as they could afford, as going out remained expensive and people stayed at home more often due to the high rate of street crime.
Consumers have focused on design, in particular on smaller-sized speakers in stylised shapes, which occupy less space at home and are available in new colours and finishes to provide a decorative element in the home. Younger consumers seem to be attracted to sophisticated products with more-compact designs, such as player docks and small devices that render a high-quality sound experience, both indoors and outdoors.
The distribution of home audio and cinema products remained concentrated on electronics and appliance specialist retailers in 2018. Over the review period, formats such as internet retailers emerged and continued to transform the distribution landscape, but remained a niche as of 2018.
Sony Latin America owes its leadership to a strong presence in several important categories within home audio and cinema, such as LCD players, analogue TVs and home video. The brand is well known among consumers and is a symbol of quality in the country; however, Sony lost volume share within home audio and cinema in 2018, which was as a result of a substantial reduction in its commercial operations in Venezuela due to import restrictions.
Three international companies dominated sales of home audio and cinema in 2018, occupying the top positions: Sony Latin America was ranked first, followed by Samsung Electronics de Venezuela and Panasonic de Venezuela. Products under their brands are being imported to Venezuela, not only by authorised distributors or the companies themselves but also by many small retailers that bring in the products from the US, China and Panama to supply their own stores.
A limited ability to guarantee a presence in stores is anticipated to be the main negative influence on growth and innovation within home audio and cinema over the forecast period. Most players will continue to focus their efforts on dealing with the complex regulatory environment, whilst only selected products will receive support.
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This industry report originates from Passport, our Consumer Electronics market research database.