The Greek electrical and electronic goods market remained on a negative trajectory in the first five months of 2024, according to GFK data .
More specifically, the electrical and electronic goods sector recorded a total turnover of 1.107 billion euros in the period January-May, down 11% in value and 5% in pieces, compared to the corresponding period last year.
Analysts pointed out that the specific results are a consequence of the significant boost in electrical and electronic goods sales during last year due to subsidies, especially in the category of air conditioners and refrigerators. However, balance will gradually be restored and it is estimated that supply and demand in the sector will return to its real levels.
A critical factor in the performance of electrical and electronic retail sales will be the purchasing power of consumers as well as the cost of living. Overall retail trade fell by 5.1% in volume in the first quarter of this year, compared with a milder 3.2% decline a year earlier.
At the same time, expectations for 2024 continue to appear subdued. Consumer demand is expected to record a milder increase of around 1.2% in 2024.
The inflation rate is projected to range around 3.0% in 2024. In this context, especially in the electrical and electronic goods market, offers play an important role in attracting consumers, who continue to be under strong pressure, due to inflation and high prices. This fact, along with limited profit margins, the need to maintain high working capital on the part of businesses and financial costs, intensifies competition between retailers and branded products in the sector.
