UK Electricals Market is Expected to Increase to 24% in 2021: Radiant Insights

Electricals market is expected to be relatively slow over the next five years, it will be stronger than the past five – with a lot of delayed white good purchases put off in the recession that are now being made.

Electricals market is expected to be relatively slow over the next five years, it will be stronger than the past five – with a lot of delayed white good purchases put off in the recession that are now being made. After facing a tough five years, specialists in the electrical sector are expected to make a comeback and see 11.7% growth between 2016 and 2021, the second fastest-growing channel after department stores. Dixons Carphone is a key element in this story with the success of its merger which has led to a successful new 3-in-1 store format, a wide click and collects network and investment into its service offer. This report provides an overview of the major issues currently affecting the UK electricals market.

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Key Findings

– Computers and tablets to increase share of the electricals market – The computers and tablets market in 2016 represents 23.2% of electricals total sales and this is expected to increase to 24% in 2021 as it continues to outperform the total market. The development of new technology and continued popularity of tablets, as well as the introduction of more value-led products that has opened the market up to the less affluent, has driven this performance and we expect it to continue over the next five years.

– Keep shoppers interested in new technology – A significant proportion of the electricals market is driven by new technology and while some brands such as Apple have a loyal customer base that means any new product launches have an instant buzz around them, other brands have to work harder to create this.

– Less affluent shoppers increasingly important – More shoppers from less affluent demographic groups are buying electricals as more affordable products are brought into the market. In 2015, 57% of electricals shoppers fell into the AB and C1 socio-demographic groups, with 43% falling into the C2 and DE groups. This highlights that, while the more affluent shoppers are spending more and more frequently, catering for the less affluent shoppers is still important.

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– Trading conditions within the market will become tougher – Trading conditions are expected to become more difficult from 2017-onwards as household incomes are squeezed from rising inflation, tax credit cuts and fiscal austerity, which will mainly impact middle income earners. Retailers’ margins will suffer, caused by deflation and discounting.

– Games console cycle to see shake up – Unlike phones and laptops that see annual updates and improvements, games consoles are on a much longer cycle. However, in March 2016, Microsoft hinted that its Xbox console will see a major shift with its Xbox One receiving continual hardware upgrades over its lifetime. Given the cost involved, this is unlikely to mean annual, iterative updates in the form of slightly tweaked models, similar to Apple’s release of an updated iPhone each year.

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Reasons to Buy

– This Sector Report helps executives build proactive, profitable growth strategies by offering comprehensive, relevant analysis of the UK electricals market based on insights from within Verdict’s proprietary, consumer insight from our bespoke surveys and interviews with industry experts.

– The report is designed for an executive-level audience, boasting presentation quality that allows it to be turned into presentable material immediately.

– The broad but detailed perspective will help retailers to understand and succeed in the challenging electricals market.

 Read more related reports by Radiant Insights:

•           Homeware Market

The rise in Generation Rent is causing changes in the homeware market. It is encouraging less large investment purchases and more frequent, fashionable homeware products. These more fashion orientated and season homeware solutions present a good opportunity to target 25-35 year old shoppers who are currently spending the most per head in the homewares industry.  Discounters are developing in the industry with decorative, textile and household ranges continuing to find favor with price conscious shoppers as well as store rollout increasing the discounter’s market share.

•           Womenswear Market 

The womenswear sector will grow by 15.9% over the next five years. The continued weakness of the pound will drive up import and manufacturing costs, resulting in inflation rising to 2.2% in 2019. With shoppers’ discretionary spending limited and retailer price hikes, volumes growth will not reach pre-recession levels between 2016-21.

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