Τhe electrical and electronic goods market declined in 2024, according to GFK data.
Overall, the market turnover reached 3.1 billion euros, down 4.1% compared to 2023. Unit sales also fell by 0.5%.
As industry analysts emphasized to “N”, these two figures, which showed a negative sign with a significant percentage difference between them (-4.5% value, -0.5% units in the electrical and electronic goods sector), reflect the shift of consumers towards cheaper products, which, however, are not necessarily of inferior quality, since Asian manufacturers have entered the competition, selling electrical and electronic goods at affordable prices, due to economies of scale that they achieve in their production compared to the traditional vendors of the market so far.
The economic hardship of consumers and the inflationary pressures that persist in product and service categories have also affected the electrical and electronic goods sector, since consumer behavior has now changed drastically.
Consumers are no longer as loyal as they used to be to brands, popular names, etc.
Consumers’ aversion to durable consumer goods is also evident, according to market representatives.
According to GFK data, the lion’s share of the turnover of 3.1 billion euros in 2024 was taken by telecommunications products with a percentage of 33.3%. White goods followed with 19.6%, despite their overall decline in the year, air conditioners with 12.2% despite their overall decline in the year. Next are IT products with a percentage of 11.7%, consumer electronics (televisions, etc.) with 11.5%, small appliances with 11.2% and photographic products with 0.5%.
