Serbia Consumer Electronics Q1 2019
We continue to maintain a positive medium-term outlook for the Serbian device market over our five-yearforecast period to 2022. The consumer electronics market in Serbia is among the lowest value in Europe in per capita terms - andalthough there is catch-up potential over the medium term due to relatively low penetration rates - the recent experience ofeconomic crisis leading to a sharp fall in device spending in 2015 demonstrates the downside of a price-sensitive market. Our corescenario is, however, for steady growth in device spending as purchasing power and discretionary spending levels rise, enablingvendors to benefit from a larger and more affluent middle class, as well as tapping some pent-up demand.
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