New Consumer Goods market report from Business Monitor International: "Egypt Consumer Electronics Report Q4 2012"

Boston, MA -- (SBWire) -- 01/16/2013 --BMI projects Egypt's consumer electronics spending will grow by about 11% in US dollar terms in 2012 to US$16.7bn. Spending on consumer electronics has remained a relative bright spot, despite the relatively weak employment backdrop. Strong remittances from Egyptians working in Saudi Arabia have helped to boost household spending but with a weak employment backdrop we stress that it will take some time before the economy is able to return to pre-crisis rates of growth. Egypt is still expected to be one of the higher-growth consumer markets in the region over the next few years, although several constraints, including low disposable incomes, economic disparities, low computer literacy and channel inefficiencies, could prevent the market from fulfilling its potential. Key factors behind the forecast growth in Egypt's consumer electronics sales include the emergence of a more affluent middle class and the growing acceptance of modern retail concepts.

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Headline Expenditure Projections

Computer hardware sales: US$956mnn in 2011 to US$1.0bn in 2012, +13% in US dollar terms. Forecast in US dollar terms upwardly revised due to analyst modification and computer penetration is forecast to rise from 10% now to above 20% by 2016.

AV sales: US$346mn in 2011 to US$377mn in 2012, +9% in US dollar terms. Forecast in US dollar terms remains unchanged, with flat-screen TV sets the main growth driver.

Handset sales: US$2.1bn in 2011 to US$2.3bn in 2012, +8% in US dollar terms. Forecast in US dollar terms remains unchanged with aggressive promotions and China imports expected to result in continued price pressure.

Risk/Reward Rating

Egypt's score was 39 out of 100.0, which gave it 10th place in our latest MEA CE RRR table. BMI expects Egypt to attain a higher ranking over time due to the growth potential of its market, particularly in regions outside of Cairo, where distribution and retail infrastructures are currently underdeveloped.

Key Trends & Developments

- Flat-screen TV sets will be the main driver of Egyptian AV revenue growth as consumers upgrade and trade their old models for digital. TV penetration is about 30% of the population and this is expected to increase to around 35% over the forecast period, creating momentum for organic growth. Egypt's growing population and the emergence of a more affluent middle class will also underpin an upwards market trajectory that should outpace GDP growth.

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