New Consumer Goods research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 01/03/2013 -- The Hungarian consumer electronics market is in no position to enjoy a recovery in 2012, with overall demand expected to decline by around 2%, although there should be a few growth areas such as tablets. The Hungarian consumer faces yet another tough year, as fiscal austerity, tighter credit conditions, weakening confidence, a still-large overhang of debt and elevated unemployment level all pose major challenges to households. However, the consumer electronics market still has considerable latent growth potential. Home computer penetration remains low compared with peer group countries for example - only slightly higher than Romania and Bulgaria - while internet penetration is also relatively low as a percentage of households.
Headline Expenditure Projections
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Computer hardware sales: US$1.3bn in 2011 to US$1.2bn in 2012, -5% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, but faster growth expected in 2013 and 4G/LTE mobile service rollouts could provide a boost to sales of tablets and netbooks. AV sales: US$785mn in 2011 to US$792mn in 2012, +1% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, but growing penetration of digital TV is driving demand for flat-screen TV sets.
Handset sales: US$285mn in 2011 to US$300mn in 2012, +5% in US dollar terms. Forecast in US dollar terms unchanged, but operator promotions are driving sales of smartphones.
Risk/Reward Rating: Hungary's score was 45.5 out of 100.0. Hungary took 5th place in our latest RRR table, behind the Czech Republic and Poland, but still ahead of emerging markets Bulgaria, Serbia and Croatia.
Key Trends & Developments
Telecoms operators reported solid growth in mobile broadband subscriptions in 2011 and this trend should help to support sales of mobile connectivity devices such as tablets and notebooks, which are bundled with service contracts. Credit is still tight throughout the economy however, and should the forint depreciate significantly further, consumers would be subject to considerable pressure, which in turn would depress spending.
While about 99% of Hungarian households have TV sets, there is a trend for multiple sets, with half of households having at least two sets. Flat-screen TV sets will be the main driver of AV category sales growth over the forecast period as consumers upgrade and trade their old models for digital. The market for analogue TV sets has collapsed dramatically over the last few years, coinciding with the economic crisis. Meanwhile the number of digital television subscriptions in Hungary is steadily increasing and rose to 712,000 in February 2012, according to official data.
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