The one that will drive the global sales of consumer electronics will not be the US or countries in Western Europe. You read that right. It won’t be the usual suspects that will spend. Rather, it’s developing countries like India and China that will continue the thrust that was left behind by the cash strapped Americans and Europeans.
This was what an industry analyst revealed last Sunday. He said that developing countries will be responsible for 46% of global sales in gadgets this year.
GfK Boutique Research and the Consumer Electronics Association presented their forecast before the kick-off of the Consumer Electronics Shows this week in Vegas.
They estimate that this years electronic sales worldwide would reach $1.038 trillion.
Buyers from China and other Asian countries, Latin America and Central and Eastern Europe are gobbling up the market as they improve their lifestyle.
The NPD Group also said that American sales of electronics were down by at least 5.9% last Christmas. They also added that sales in electronics, excluding phones, totaled $9.5 billion five weeks leading to Dec. 24.
Best Buy Co. said last Friday that their December sales feel short because of weak traffic. However, smartphones, tablets and e-readers showed strong sales performance for the month.
Steve Bambridge, the research director at UK-based GfK said, “we’ll see most product categories slowing down or going into contraction.” Smartphones and tablets are going to suck up consumer expenditures he said.
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