The electrical and electronic goods market proved to be below expectations in the 10-month period of 2024. According to GFK data for the period January – October 2024, the market turnover amounted to 2.4 billion euros, recording a drop of -5.9%, compared to the corresponding period last year.
The figure is also negative in terms of units, at -1.3%. The majority of the industry expected the turnover to hopefully reach 2.6 billion euros, in order to reach 3 billion euros in total for the year, including inflation. Therefore, according to the data so far, the specific target for 2024 seems ambitious.
As executives in the sector emphasized to “N”, the situation has changed radically, with the turnover of the electrical and electronic goods market reaching 4.2 billion euros and without inflationary prices. A fact that demonstrates the downward pressure on consumption and the financial hardship of households due to high living expenses, as shown by the latest ELSTAT data.
Under these circumstances, the view that reorganizations are coming in the retail sector in 2025 is strengthened, since the battle for market shares is becoming tougher and more difficult.
The situation deteriorates as a result of higher competition from the Chinese brands in the electrical and electronic goods sector, which are now more mature in business and technological terms and ready for greater penetration in the Greek and European markets. Collaborations are already underway for the representation of Chinese brands in the sector in Greece, as well as communication campaigns for their introduction to the Greek consumer public. At the same time, the further penetration of products that serve a new energy model in households and in professional spaces creates demand for the corresponding products that specific store chains in the electrical and electronic goods sector can sell, and this under certain conditions.
According to GFK, in the first 10 months of 2024, sales of white appliances stood at -18.3%, and air conditioners at -26.5%. The decline in these two main categories also shaped the final negative sign of the sector in the period January-October, which seems to be maintained throughout the year. On the other hand, sales of black appliances were +1.9%, telecommunications +6%, small appliances +5.7%, photographic goods +0.7%, and IT and telecommunications +3%. Regarding the analysis of the sector’s turnover, 33% corresponds to telecommunications items, 20.4% to white appliances, 13.2% to air conditioners, 10.4% to small appliances, 0.5% to photographic goods, 11.3% to technology goods, 10.8% to black appliances.
The picture was similar in the first 9 months of the year. The market moved negatively both in value, at -6.1%, and in unit sales (-1.9%). The decisive factor for these trends is the government subsidy program in 2022 and 2023.
