Consumer electronics spending increased 2016-2018 in France as the market became one driven by higher unit priceson replacement spending. Volume growth opportunities are however restricted to newer products and major innovations. Weexpect purchasing power growth will enable vendors to continue generating higher unit prices over the medium term. The key risksare external ones that would derail France's economic growth trajectory, including a disorderly Brexit, ECB tightening, negative spillover from the US trade war, or instability within the eurozone as a result of populist eurosceptic forces.
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