Boston, MA -- (SBWIRE) -- 08/22/2012 -- BMI forecasts 7% growth for the Kuwaiti consumer electronics market in 2012, against a backdrop of continued strength in consumer spending. Sales will be driven by growing popularity of flat-screen TV sets, smarpthones, notebook computers and tablets, and other premium products, as well as ongoing expansion of the electronics retail sector. In late March the government announced it would be implementing an across-the-board wage hike of 25% for all government employees, as well as a 15% increase in pension entitlements. Given that the majority of Kuwaiti nationals are employed by the state, this wage hike will provide a significant boost to spending on consumer lifestyle durables such as TV sets and PCs.
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Headline Expenditure Projections
Computer hardware sales: US$362mn in 2011 to US$383mn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, following stronger than expected growth in 2011.
AV sales: US$426mn in 2011 to US$451mn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to analyst modification, but there will be continued growth in the flatscreen TV set category.
Handset sales: US$174mn in 2011 to US$196mn in 2012, +13% in US dollar terms. Forecast in US dollar terms downwardly revised due to analyst modification, but operator promotions are driving strong growth in the smartphone market.
Kuwait's score was 58.1 out of 100.0. Kuwait ranked fourth in the MEA region in our latest RRR table, behind the UAE, but ahead of regional peers such as Saudi Arabia and Qatar.
Key Trends & Developments
- 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. Product innovation will also boost sales, with a focus on features such as 3D, improved display quality and larger, wider screens, as well as design and wireless capabilities.
- In the mobile devices sector, the upgrade of network infrastructure to support new data services will help to drive demand for 3G phones and smartphones. Kuwaiti consumers have an increasing demand for easy access to emails and other data services in Kuwait and when they are travelling. Other drivers of smartphone sales include more competitive data tariffs from the main operators.
- The popularity of multimedia portable computers with wireless connectivity will continue to provide opportunities. Vendors will look to new form factors such as tablets and the heavily hyped ultrabooks, which are relatively high in price, but could provide a new boost to the PC market in 2012.
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