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Serbia Consumer Electronics Report Q3 2011
Business Monitor International, June 2011, Pages: 41
Business Monitor International's Serbia Consumer Electronics Report provides industry professionals and strategists, corporate analysts, electronics associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Serbia's consumer electronics industry.
Serbia’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products, is forecast to stand at around US$1.2bn in 2011. Serbian households were hit hard in the aftermath of the global financial crisis and consumer demand has been slow to recover.
BMI forecasts that stubbornly high unemployment and low the debt burden will continue to constrain demand and lower prices of goods such as flat-screen TV sets, smartphones and notebooks will place pressure on revenues and margins. However, BMI expects spending on some consumer electronics products to rebound in US dollar terms, following two years of decline.
A government-negotiated thaw of an IMF-imposed freeze of public sector wages and pension benefits due for January 2011, instead of April 2011 originally, should provide a boost to demand as pension benefit values and wage growth were negative in real terms in 2010. BMI forecasts that Serbian per capita consumer electronics spending will increase from US$126 in 2011 to US$172 by 2015.
Computers Computer hardware accounted for around 44% of Serbia’s consumer electronics spending in 2010. Sales declined again in 2010, following a double-digit contraction in 2010. With only around 40% of households having a computer according to government figures, computer hardware CAGR for the 2011- 2015 period is forecast at about 11%, driven by sales of notebooks. Meanwhile, government programmes such as a recently announced EUR620,000 procurement of computers scheme for primary schools will support sales.
AV devices accounted for around 37% of Serbia’s consumer electronics spending in 2010. The Serbian domestic AV device market is projected at US$410mn in 2010. Following a modest recovery in 2010, a CAGR of 4.8% is projected for 2011-2015, due largely to growth in the digital TV set category. Serbia is now scheduled to complete its switchover to digital broadcasting by April 2012.
Mobile handset sales accounted for around 21% of Serbia’s consumer electronics spending in 2010. Serbia’s market handset sales are expected to grow at a CAGR of 7.0% to US$346mn in 2015, as sales in Serbia’s youthful market are increasingly dominated by replacement handsets, with a growing market for 3G models and smartphones. In January 2011 the abolition of the 10% mobile phone tax should provide a boost to the handset market
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