The electrical and electronics sector ended 2023 with a double-digit rate of increase. According to GFK data, the sector’s sales reached 3,217 billion euros, up 12% compared to 2022. Sales volume growth stood at +5%. The divergence of the industry sales value growth rate versus the sales volume growth rate confirms the inflationary turnover, as the prices of many products rose in 2023.
The prospects
Regarding the course in 2024, representatives of the sector emphasized that January was a sluggish month in terms of sales. The same trend continued in February although it was a sales period. Since there is no major market subsidy program for the industry’s products, as was the case in 2023, retailers and suppliers are expecting a drop in turnover and sales volume in product categories that had seen double-digit sales growth in the previous fiscal year due to subsidies for products such as white appliances and air conditioners.
There is a glimmer of optimism for the second half of the current financial year due to a boost from tourism and summer sporting events that may support the sale of black devices. The prospect of lower interest rates would be encouraging for the industry as it would free up resources currently missing from consumption through loans for home and business renovations. In addition, if there is no escalation and deterioration in the geopolitical situation affecting transportation, the electrical and electronics sector could see reductions in the prices of its products and possible larger offers, which would boost demand.
In terms of 2023 performance, all product sub-categories moved higher except technology items. The value of sales of white appliances (refrigerators, freezers, kitchens) was +16.8%, black appliances (TVs, etc.) +6.9%, air conditioners +45.8%, small appliances +18.5%, telecommunications +10.7%, photographic goods +8.1%. On the contrary, IT products were reduced by 15.5%. Of the total turnover, 22.3% corresponds to white appliances, 15% to air conditioners, 30.2% to telecommunications items, 10.2% to small appliances, 10.6% to IT items, 0.6% to photo items.
In the retail sector, focus is placed on the strategy on which the activity of Kotsovolos will be based from now on after the acquisition by PPC and pending the approval of the Competition Commission. The tendency of the Kotsovolos network to strengthen the services provided to the consumer is already evident.
On the Public side, as sector analysts pointed out, further restructuring of the company’s back office is expected, which will strengthen the range of its products. Plaisio is planning the expansion of its network, the installation of white appliances in its other stores, alongside the implementation of investments in logistics.
