Market representatives are wondering whether the current positive performance in the electrical and electronic goods sector, both in terms of turnover and unit sales, will continue until the end of the year and the next financial year, or whether it is a temporary trend due to subsidized consumption.
Turnover and sales
More specifically, the turnover totaled 2.27 billion euros, according to the GFK data, up by 16% compared to the corresponding period last year. However, the increase in sales fell far short, at 5.6%. The analysts pointed out that the course of the market so far is the highest of the last 15 years at least, reaching or even exceeding 3 billion euros. According to market representatives, the trend is attributed to inflation, the Recycle-Change Device program and the increasing construction activity.
They added that the electrical appliance subsidy program is ending, which will significantly affect demand, alongside the negative economic situation for the average Greek family.
Despite the sector’s satisfactory performance so far, the performance bar for this year’s Black Friday remains low. Market officials explained to “Naftemporiki” that if turnover during this year’s Black Friday remains at the same levels as last year, it will be a success. The companies have already started their advertising campaigns, urging consumers to take advantage of the chance of shopping with significant discounts, but it remains to be seen if they will eventually attract customers. At the moment there is a trend of researching products and prices on the part of consumers who seem to be waiting to make any purchases towards the end of this year’s Black Friday discount period.
In the nine-month period of 2023 all individual categories registered a positive sign, except for the technology and computers sector. White appliances (+24.2%) and air conditioning (+71.3%) increased due to the subsidy program. Small appliances grew by 20.3% and reflect “spontaneous purchases” made by consumers visiting stores for the large subsidized appliances. The category of black devices (consumer electronics) recorded an increase of 5.9%. In this category, the consoles – devices for gaming moved upwards. The telecommunications sector also moved up by 8.6% with mobile phones continuing to register a positive growth rate followed by Smartwatches.
