New Consumer Goods market report from Business Monitor International: "Saudi Arabia Consumer Electronics Report Q3 2012"
Boston, MA -- (SBWIRE) -- 10/12/2012 -- BMI View: projects that Saudi consumer electronics spending will grow by about 7% in US dollar terms during 2012, Youthful population demographics, a regional economic boom and a buoyant real estate sector will all drive retail growth. In 2012, wake hikes and government largesse should continue to provide a boon for consumer electronics sales. Demand will be supported by a favourable trading environment with Saudi King Abdullah's US$93bn in handouts, including wage increases, supporting spending on big-ticket lifestyle products such as smartphones and flat-screen TV sets in 2011. Saudi Arabia is forecast to be one of the strongest economies in the MENA region, and the country will continue to be a lucrative market for consumer electronics.
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Headline Expenditure Projections
Computer hardware sales: US$2.0bn in 2011 to US$2.1bn in 2012, +8% in US dollar terms. Forecast in US dollar terms upwardly revised due to stronger than expected PC sales growth in 2011. AV sales: US$3.0bn in 2011 to US$3.2bn in 2012, +7% in US dollar terms. Forecast in US dollar terms unchanged, with flat-screen TV set sales the main growth area.
Handset sales: US$1.0bn in 2011 to US$1.1bn in 2012, +6% in US dollar terms. Forecast in US dollar terms unchanged, but with higher demand for smartphones and 3G handsets
Saudi Arabia's score was 55.8 out of 100.0, which gave it 7th place in our latest MEA CE RRR table., Given its undoubted importance in the Gulf market, and continued growth potential, Saudi Arabia has the potential to rise in our rankings over time.
Key Trends & Developments
- In 2011, Saudi electronics retailers reported high footfall and strong demand for consumer electronics products, stimulated by a range of promotions on leading brands. Items in demand included flat-screen TV sets, with screen sizes of more than 42 inches. TV sets account for more than half of all AV revenue in Saudi Arabia. The oil-rich economy has created a booming market for new consumer electronic products.
- Trading conditions should remain favourable for retail sales of handsets. Vendors expect good sales of smartphones. Mobile subscriber penetration is forecast to reach 210% in 2012 and 220% by 2016, so sales will largely be driven by the replacement market. 3G models will account for more than 60% of demand during the forecast period.
- BMI sees PC penetration rising to more than 30% as the consumer PC segment holds up relatively well. In 2011, Saudi Arabian retailers reported a surge in demand mobile PCs, in many cases fuelled by price cuts. PC sales were stronger than previously expected, although this growth was driven in part by promotional price cutting.
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