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Consumer Electronics Stores in the US - Industry Market Research Report

Consumer Electronics Stores in the US - Industry Market Research Report

  • November 2020
  • 54 pages
  • ID: 4640182
  • Format: PDF
  • Ibisworld

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Short circuit: Despite economic recovery, competition is expected to stunt revenue growth

Abstract

Consumer Electronics Stores in the US
Consumer electronics and appliances are staples in US households and include a wide range of items, from DVD players to refrigerators. The Consumer Electronics Stores industry, which largely relies on discretionary purchases of such products, has been plagued by increasing external competition over the five years to 2019. Consumer confidence and spending grew over the past five years, but not enough to lift the industry out of its mild decline due to fierce competition from online retailers, discount retailers and department stores. Over the past five years, the percentage of services conducted online grew strongly. Consumers have shifted their business over to online or discount retailers since they are more convenient and tend to offer a variety of products at lower prices. Online retailers have lower overhead costs than traditional brick-and-mortar stores and are able to pass down the cost savings to consumers by offering lower prices. To compete with these alternative sellers, industry operators tried to keep prices low, cutting into industry’s profit margins. As a result, businesses laid off employees and closed down unprofitable establishments to buoy margins. Over the five years to 2024, continued economic strengthening will lead to an increase in consumer spending; however, the industry will likely continue to contract overall. Challenged by mounting competition from online retailers, industry operators will be sustained by consumers who prefer to shop for big-ticket items in store.

Consumer electronics stores retail a range of new appliances, electrical goods and home entertainment products, such as dishwashers, TVs and computers. Many stores also offer repair services and some stores sell used goods. This industry does not include stores that primarily sell computers (IBISWorld Report 44312).

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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