Italy Consumer Electronics Q1 2019
Italy is a mature and high spending consumer electronics market in per capita terms, but this means the volume growthengine in major product categories is diminished. The device spending outlook did however strengthen with an upward revision tothe euro forecast against the US dollar, which will boost purchasing power and so increases the scope for vendors to generategrowth via up selling on replacement purchases to Italian consumers. There is upside potential should new technologies such asAR/VR and wearables become truly mass market, but this is not our core scenario. Instead downside is currently more prominent,mainly around the populist government, whose policies we expect to contribute little to economic growth while introducingelevated political risk.
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