Contrary to previous forecasts, the market for home electronics is developing positively. The industry expects sales to grow by around three percent in 2020. gfu Consumer & Home Electronics GmbH announced this today in a press conference.
According to the forecast, annual sales would increase to around 44 billion euros. This corresponds to an increase of around three percent. The first forecast by gfu predicted an annual turnover of around 43 billion euros.
Hans-Joachim Kamp, Chairman of the gfu Supervisory Board, comments: “In times of corona and lockdown, consumers are increasingly focusing on their home – they are ready to invest in innovative technology. The increased use of home office and home schooling is reflected in the positive development of the IT sector, but classic consumer electronics also benefits. ”
The market for privately used IT products in particular is enjoying a large growth rate, as gfu announced. This division included, for example, PCs, notebooks, monitors and printers. Gfu expects sales to grow to more than EUR 7.8 billion this year. The originally predicted growth would increase from one to more than ten percent.
Privately used telecommunications products are also said to be positively affected. Sales of smartphones and wearables rose by around percent to just under EUR 12.5 billion. However, gfu also has to report negative developments. Sales in the photo and audio categories are expected to decline more than expected. Accordingly, sales of classic consumer electronics are expected to decline by 2.5 percent.
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