Serbia Consumer Electronics Q4 2018
We continue to maintain a positive medium-term outlook for the Serbian device market over the 2018-2022 period. Theconsumer electronics market in Serbia is among the lowest value in Europe in per capita terms - and although there is catch-uppotential over the medium term due to relatively low penetration rates - the recent experience of economic crisis leading to a sharpfall in device spending in 2015 demonstrates the downside of a price-sensitive market. Our core scenario is, however, for steadygrowth in device spending as purchasing power and discretionary spending levels rise, enabling vendors to benefit from a larger andmore affluent middle class, as well as tapping some pent-up demand.
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