CE value growth was the highest out of all the durables markets tracked in GfK at 14%, while year to date turnover grew by 4% compared to the same period last year.
GfK consumer electronics UK lead Nigel Catlow reported: “A number of markets were up on last year, with particularly strong performances from headphones, headsets, audio home systems and docking mini speakers, although the best performing categories were televisions and soundbars. The ‘World Cup effect’, by which consumers are likely to have brought forward purchases in order to improve their viewing experience for the World Cup, has meant the TV market has thrived in recent weeks.”
He continued: “The market value was up by 19% in May and, in the week preceding the World Cup, the value was up by over 50% on last year. The majority of these purchases are replacements, with consumers looking to improve from their old sets and taking advantage of larger screen sizes or added features such as Ultra HD, Smart TV and Freeview HD. Ultra HD made up over 8% of the value of the market in May. With new smaller screen sized models being released into the market, the average price of an Ultra HD Television fell by -15% between April and May to further fuel demand for this growing segment.”
Soundbars are also reported to have performed well in the build up to the World Cup. An increased need for better sound for larger screen sized televisions is helping to provide a stimulus for the market which continues to exhibit strong growth.