Serbia Consumer Electronics Report Q2 2015
BMI View: The Serbian consumer electronics market is one of the least lucrative in per capita terms in theregion, but the low penetration rate in key device categories has nonetheless attracted global vendors.Growth rates will remain moderate over the medium term due to the challenging economic environment andcontinued negative GDP growth in 2015 will weigh heavily on this sector. We forecast Serbian consumerelectronics spending will grow just 0.6% in US dollar terms in 2015 to USD1.25bn, and reach USD1.39bnin 2019. There is however upside potential for Serbia consumer electronics growth if the economic recoveryis faster than expected - which would unlock demand from low penetration rates. Household PCpenetration, despite more than doubling over the previous five years, remains 30pp below the regionalaverage, while smartphone penetration remains a long way below the regional average. We expect it to riserapidly over our forecast period.
Headline Expenditure Projections:
Computer Hardware Sales: USD394mn in 2014 to USD366mn in 2015; -7.1% in US dollar terms. Lowdevice penetration rates offer faster volume growth rates than elsewhere in Europe, however, weakeconomic conditions and a shift in consumption to cheaper tablets will limit value growth.
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