Peru Consumer Electronics Report Q3 2013 - New Market Research Report

From: Fast Market Research, Inc.
Published: Wed May 29 2013

Peruvian sales of consumer electronics devices are forecast to grow 15% in 2013, with many of the trends that drove consumer electronics spending in 2012 continuing to be factors, despite an expected moderation in consumer spending. BMI believes the Peruvian market has robust growth potential, particularly following the long-awaited ratification of the US-Peru Free Trade Agreement in December 2011.

We expect spending on electronic lifestyle products such as flat-screen TV sets and smartphones to continue to rise over the coming years as wealth levels rise and the availability of credit improves across Peru. In the long term, we expect Peruvian households to become increasingly affluent. Household spending remained buoyant during the first nine months of 2012 on the back of relatively strong private sector credit growth, money supply growth and currency strength. Sales of mobile handsets were particularly buoyant, with sales of the devices increasing by 24% in the first 10 months of 2012.

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However, we do expect consumer demand to slow somewhat 2013, as money supply growth plateaus and credit growth moderates. Private consumption slowed in 2012, and we expect this continue in 2013, with growth of 5.7%. Consumer electronics demand should outperform private consumption. The implementation of digital TV broadcasting will drive demand for flat-screen TV sets. Government-backed affordable computer programmes comprise an important market component. More competition in the mobile telecoms sector and expansion in rural areas should boost the mobile handset segment.

Headline Expenditure Projections

Computer Hardware Sales: US$837mn in 2012 to US$988mn in 2013, +12.0% in US dollar terms. Forecast in US dollar terms unchanged but Windows 8 is expected to drive upgrades in 2013.

AV Sales: US$912mn in 2012 to US$998mn in 2013, +9% in US dollar terms. Forecast in US dollar terms upwardly revised, with flat-screen TV sets expected to provide the most dynamic development.

Handset Sales: US$619mn in 2012 to US$734mn in 2013, +19% in US dollar terms. Forecast in US dollar terms upwardly revised with migration from feature phones to smartphones the main driver, after imports more than doubled in H112.

Risk/Reward Ratings: Peru's score is 45.7 out of 100.0 with an industry rewards score of 36.7 being the lowest among its peer group. Peru is ahead of Argentina and Venezuela in our ratings. BMI expects rising penetration of consumer electronics devices such as smartphones and flat-screen TV sets.

Key Trends & Developments

* In 2012, telecoms company Nextel Chile launched 3G voice and data services in the country. The increased competition should drive faster uptake of 3G services and boost 3G handset sales. Meanwhile, smartphone sales increased by more than 100% in 2012.

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