Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Electrical Goods Retailing - Europe - February 2018

“This 2018 report paints a picture of online retailing growing strongly again.  Amazon is by far the most used retailer in Europe.  Yet we think that there will always be a demand for stores – for the display and for the helpful service. It’s time for more of the store based retailers to fight back and ultimately the combination of stores and online in a multi-channel offering should prove the most effective.”

- Richard Perks, Director of Retail Research

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

      • Technical notes
        • Market sizes – consumer spending on electricals products
          • Figure 1: Electrical products, main classification codes, 2017
        • Market sizes – Retail data
          • Leading retailers
            • Financial definitions
              • Abbreviations
                • VAT rates
                  • Figure 3: VAT rates around Europe, 2013-18
              • Executive Summary – Europe – The Market

                  • Consumer spending
                    • Figure 4: Europe: spending on electricals by broad product type, 2016
                  • All electricals spending
                    • Figure 5: Europe: consumer spending on electricals, 2012-16
                    • Figure 6: Europe: consumer spending on electricals as % all consumer spending, 2011-16
                    • Figure 7: Europe: consumer spending on electricals as % all retail sales, 2011-16
                  • Detailled spending on electricals
                    • Figure 8: Europe: spending on household appliances, 2012-16
                    • Figure 9: Europe: spending on audio visual and IT goods, 2012-16
                    • Figure 10: Europe: spending on telecoms and telefax equipment, 2012-16
                  • Sector sales and forecast
                    • Brown and white goods retailers
                      • Figure 10: Europe: brown and white goods specialists, sales, ex. VAT, 2013-17
                      • Figure 11: brown and white goods specialists, forecast sales, ex. VAT, 2018-22
                    • IT and telecoms retailers
                      • Figure 12: Europe: IT and telecoms specialists, sales, ex. VAT, 2013-17
                      • Figure 13: Europe: IT and telecoms specialists, forecast sales, ex. VAT, 2018-22
                    • Online
                      • Online buyers
                        • Figure 15: Europe: proportion of people buying electrical equipment online, 2012-17
                        • Figure 16: Europe: proportion of people buying computer hardware online, 2012-17
                        • Figure 17: Europe: proportion of online buyers who have bought computer hardware or electronic equipment online, 2017
                        • Figure 18: Europe: estimated online spending on electricals, 2017
                      • Leading online retailers
                        • Leading retailers
                          • Amazon
                            • eBay
                              • Other online
                                • Ceconomy
                                  • Dixons Carphone
                                    • Voluntary groups
                                      • Figure 17: Europe: Top 20 electrical goods retailers, sales 2015/16 – 2017/18
                                    • Outlets
                                      • Figure 18: Europe: Top 20 electrical goods retailers, outlets 2015/16 – 2017/18
                                    • Sales per outlet
                                      • Figure 19: Europe: top 20 electrical goods retailers, sales per outlet 2015/16 – 2017/18
                                    • Market shares
                                      • Figure 20: Europe: Leading electricals retailers’ sales as % all spending on electricals goods, 2015-17
                                    • What we think
                                    • Executive Summary – Europe – The Consumer

                                        • What they buy
                                          • Figure 19: Europe: purchasers of electrical goods, December 2017
                                          • Figure 20: Europe: products bought in the last 12 months, December 2017
                                        • How they shop: Online vs in-store
                                            • Figure 21: Europe: proportion of electrical goods purchasers who bought in-store, December 2017
                                            • Figure 22: Europe: proportion of electrical goods purchasers who bought online and by device, December 2017
                                          • Where they shop
                                              • Figure 23: Europe: most-used retailer and proportion of buyers, by country, December 2017
                                              • Figure 24: Europe: most bought from retailers for electrical goods in the last 12 months, by country, December 2017
                                            • Attitudes to buying electrical/electronic products
                                              • New technology
                                                • Figure 25: Europe: attitudes to buying electricals goods – new technology, December 2017
                                              • Price
                                                  • Figure 26: Europe: attitudes to buying electricals goods – prices, December 2017
                                                • Repairs
                                                  • Figure 27: Europe: attitudes to buying electricals goods – repairs, December 2017
                                              • Executive Summary – Europe - Innovations and Launch Activity

                                                • MediaMarkt expands into VR
                                                  • Snacks and beauty bars piloted instore
                                                    • Ceconomy to launch StartKlar
                                                      • Conrad’s 3D printing service
                                                        • IKEA and Sonos team up for smart home
                                                        • France

                                                          • Overview
                                                            • What you need to know
                                                              • Areas covered in this report
                                                                • Executive Summary
                                                                  • The market
                                                                    • Consumer spending
                                                                      • Figure 28: France: consumer spending on electrical items (incl. VAT), 2012-17
                                                                    • Sector size and forecast
                                                                      • Channels of distribution
                                                                        • Figure 29: France: estimated distribution of spending on electrical/electronic goods, 2016/17
                                                                      • Companies and brands
                                                                        • Key metrics
                                                                          • Market shares
                                                                            • Figure 30: France: leading specialist electrical retailers’ shares of spending on electrical items, 2017
                                                                          • Online
                                                                            • The consumer
                                                                              • What they buy
                                                                                • Figure 31: France: types of electrical products purchased, December 2017
                                                                              • How they shop - Online and in-store)
                                                                                • Figure 32: France: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                                                                              • Where they shop
                                                                                • Figure 33: France: where they shop for electricals, whether in-store or online, December 2017
                                                                              • Attitudes to buying electrical/electronic products
                                                                                • Figure 34: France: attitudes to buying electrical/electronic goods, by age and gender, December 2017
                                                                              • What we think
                                                                                • Issues and insights  
                                                                                  • Digital integration in electrical goods retailing
                                                                                    • The facts
                                                                                      • The implications
                                                                                        • Targeting younger men and women
                                                                                          • The facts
                                                                                            • The implications
                                                                                              • The market – What you need to know
                                                                                                • Economy picking up after prolonged period of subdued growth
                                                                                                  • Market spending on electrical items on the up
                                                                                                    • Specialist retailers outperforming the market
                                                                                                      • Specialists dominate distribution
                                                                                                        • Consumer spending
                                                                                                          • Signs of growth in the French economy
                                                                                                            • Spending on electricals on the up
                                                                                                              • Figure 35: France: consumer spending on electrical items (incl. VAT), 2013-17
                                                                                                              • Figure 36: France: breakdown of consumer spending on electrical and electronic items (incl. VAT), 2016
                                                                                                              • Figure 37: France: consumer spending on electrical items, volume change year-on-year, 2012-16
                                                                                                            • Product market breakdown
                                                                                                              • Figure 38: France: main electricals markets, volume sales, 2013-17
                                                                                                            • Sector size and forecast
                                                                                                              • Total retail sales recovering, further growth forecast in 2017
                                                                                                                • Electricals specialists gaining share
                                                                                                                  • Figure 39: France: electricals specialists, sales, excl VAT, 2012-17
                                                                                                                  • Figure 40: France: electricals specialists, forecast sales, excl VAT, 2018-22
                                                                                                                • Inflation
                                                                                                                  • Figure 41: France: consumer prices, annual % change, 2013-17
                                                                                                                  • Figure 42: France: consumer price inflation on electrical items, annual % change, July 2016-December 2017
                                                                                                                • Channels of distribution
                                                                                                                  • Figure 43: France: where they shop for electricals, whether in-store or online, January 20178
                                                                                                                • Specialists dominate, but independents in decline
                                                                                                                  • Intense competition from non-specialists and online
                                                                                                                      • Figure 44: France: estimated distribution of spending on electrical/electronic goods, 2014-16
                                                                                                                    • Companies and brands – What you need to know
                                                                                                                      • An increasingly concentrated market
                                                                                                                        • Fnac/Darty strengthened
                                                                                                                          • Independents regrouping
                                                                                                                            • LDLC growing in importance
                                                                                                                              • Leading retailers capture almost half of spending
                                                                                                                                • Online spending around €4.8 billion
                                                                                                                                  • Leading players
                                                                                                                                    • Increasingly consolidated
                                                                                                                                      • Alliances between rivals in buying strengthen positions
                                                                                                                                        • Fnac/Darty strengthened
                                                                                                                                          • Independents regrouping
                                                                                                                                            • Telecoms specialists
                                                                                                                                              • LDLC growing in importance
                                                                                                                                                • Figure 45: France: leading specialist electrical retailers, sales, 2013-17
                                                                                                                                                • Figure 46: France: leading specialist electrical retailers, outlets, 2013-17
                                                                                                                                                • Figure 47: France: leading specialist electrical retailers, sales per outlet, 2013-17
                                                                                                                                              • Market shares
                                                                                                                                                • Figure 48: France: leading specialist electrical retailers’ shares of spending on electrical items, 2013-17
                                                                                                                                              • Online
                                                                                                                                                • Online activity
                                                                                                                                                  • France between Germany/UK and Spain/Italy
                                                                                                                                                    • Broadband penetration lower
                                                                                                                                                      • Technology ownership is lower
                                                                                                                                                        • Figure 49: France: ways in which the internet was accessed in the last three months, Q3 2017
                                                                                                                                                      • Shopping online
                                                                                                                                                        • Figure 50: France: online buyers of electrical items in last 12 months, France vs EU, 2013-17
                                                                                                                                                      • Online sales
                                                                                                                                                        • Leading online players
                                                                                                                                                          • Figure 51: France: estimated sales of electricals online by leading retailers, 2014-17
                                                                                                                                                          • Figure 52: France: top retail sites by number of unique visitors, July-September 2017
                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                          • Less than three quarters bought electricals last year
                                                                                                                                                            • Buyers are younger and wealthier
                                                                                                                                                              • Half of buyers bought online
                                                                                                                                                                • Mobile devices used by a small proportion but have an important role to play
                                                                                                                                                                  • The specialist store format dominates
                                                                                                                                                                    • Amazon overtakes Darty to become single most popular retailer
                                                                                                                                                                      • Younger men a key target group
                                                                                                                                                                        • Make do and mend
                                                                                                                                                                          • What they buy
                                                                                                                                                                            • 70% have bought electrical goods in the past year
                                                                                                                                                                              • Figure 53: France: types of electrical products purchased, December 2017
                                                                                                                                                                            • Men more likely to buy electrical goods than women
                                                                                                                                                                              • Figure 54: France: types of electrical products purchased, by gender, December 2017
                                                                                                                                                                              • Figure 55: France: types of electrical products purchased, by gender and age, December 2017
                                                                                                                                                                            • Electrical buyers have higher than average income
                                                                                                                                                                              • Figure 56: France: electrical goods purchased, by average age and household income, December 2017
                                                                                                                                                                            • How they shop – Online and in-store
                                                                                                                                                                              • Online shopping almost equal with stores
                                                                                                                                                                                • Figure 57: France: usage of stores vs online when buying electrical/electronic products, December 2017
                                                                                                                                                                              • Women more likely to use stores than men
                                                                                                                                                                                • Figure 58: France: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                                                                                                                                                                                • Figure 59: France: usage of stores vs online when buying electrical/electronic products, by age and income, December 2017
                                                                                                                                                                              • Where they shop
                                                                                                                                                                                • The specialist store format dominates
                                                                                                                                                                                  • Amazon overtakes Darty to become single most popular retailer
                                                                                                                                                                                    • Non-specialist stores
                                                                                                                                                                                      • Figure 60: France: where they shop for electricals, whether in-store or online, December 2017
                                                                                                                                                                                      • Figure 61: France: profile of those who had bought electricals in-store or online, by retailer used, December 2017
                                                                                                                                                                                      • Figure 62: France: where they shop for electricals by product purchased, December 2017
                                                                                                                                                                                      • Figure 63: France: where they shop for electricals, in-store vs online, December 2017
                                                                                                                                                                                    • Attitudes to buying electrical/electronic products
                                                                                                                                                                                      • The young want new technologies but older people prepared to wait
                                                                                                                                                                                        • Younger men a key target group
                                                                                                                                                                                          • Make do and mend
                                                                                                                                                                                            • Figure 64: France: attitudes to buying electrical/electronic goods, December 2017
                                                                                                                                                                                            • Figure 65: France: attitudes to buying electrical/electronic goods, by age and gender, December 2017
                                                                                                                                                                                          • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                              • Data sources
                                                                                                                                                                                              • Germany

                                                                                                                                                                                                • Overview
                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                    • Areas covered in this report
                                                                                                                                                                                                      • Executive Summary
                                                                                                                                                                                                        • The market
                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                            • Figure 66: Germany: consumer spending, year-on-year % change, 2013-17
                                                                                                                                                                                                          • Specialists outperform
                                                                                                                                                                                                            • Figure 67: Germany: electricals specialists’ sales, year-on-year % change, 2013-17
                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                            • Specialists account for over half of spending
                                                                                                                                                                                                              • Figure 68: Germany: estimated distribution of spending on electricals/electrical goods, 2017
                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                              • Key metrics
                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                  • Figure 69: Germany: leading specialist electrical specialists’ estimated shares of spending on electrical goods, 2017
                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                    • What they buy
                                                                                                                                                                                                                      • Figure 70: Germany: electrical products bought in the last 12 months, December 2017
                                                                                                                                                                                                                    • How they shop – Online and in-store
                                                                                                                                                                                                                      • Figure 71: Germany: channel and device used to buy electrical goods, December 2017
                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                      • Figure 72: Germany: retailers electrical goods bought from in the last 12 months, December 2017
                                                                                                                                                                                                                    • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                      • Figure 73: Germany: attitudes to buying electrical goods, December 2017
                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                        • How online and in-store compares by product category
                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                              • What can Ceconomy do next to stay ahead?
                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                      • Spending on electricals slows
                                                                                                                                                                                                                                        • Specialists outperform
                                                                                                                                                                                                                                          • Rising inflation
                                                                                                                                                                                                                                            • Specialists account for over half of spending
                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                • German economy continues to grow in 2016
                                                                                                                                                                                                                                                  • Spending on electricals slows
                                                                                                                                                                                                                                                    • Figure 74: Germany: consumer spending on electrical items (incl. VAT), 2013-17
                                                                                                                                                                                                                                                  • Product market breakdown
                                                                                                                                                                                                                                                    • Figure 75: Germany: main electricals markets, volume sales, 2013-17
                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                    • Specialists outperform all retail sales
                                                                                                                                                                                                                                                      • Figure 76: Germany: electricals specialists, sales, excl VAT, 2012-17
                                                                                                                                                                                                                                                      • Figure 77: Germany: electricals specialists, forecast sales, excl VAT, 2018-22
                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                      • Figure 78: Germany: consumer prices, annual % change, 2013-17
                                                                                                                                                                                                                                                      • Figure 79: Germany: consumer price inflation on electrical items, annual % change, July 2016 –December 2017
                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                      • Specialists continue to account for most electrical sales
                                                                                                                                                                                                                                                        • Figure 80: Germany: estimated distribution of spending on electricals/electrical goods, 2017
                                                                                                                                                                                                                                                      • Companies and brands – What you need to know
                                                                                                                                                                                                                                                        • Ceconomy posts good growth
                                                                                                                                                                                                                                                          • Ceconomy accounts for a quarter of sales
                                                                                                                                                                                                                                                            • Online shopping dominates electricals
                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                • Growth from newly formed Ceconomy
                                                                                                                                                                                                                                                                  • Mixed performance of the buying groups
                                                                                                                                                                                                                                                                    • Notebooksbilliger.de continues excellent growth
                                                                                                                                                                                                                                                                      • Figure 81: Germany: leading specialist electrical retailers, sales, 2014-17
                                                                                                                                                                                                                                                                    • Media-Saturn shrinks to grow
                                                                                                                                                                                                                                                                      • Figure 82: Germany: leading specialist electrical retailers, outlets, 2014-17
                                                                                                                                                                                                                                                                    • Sales per outlet
                                                                                                                                                                                                                                                                      • Figure 83: Germany: leading specialist electrical retailers, sales per outlet, 2014-17
                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                      • Media-Saturn steadily growing market share
                                                                                                                                                                                                                                                                        • Figure 84: Germany: leading specialist electrical retailers’ estimated shares of spending on electricals items, 2015-17
                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                        • Online activity
                                                                                                                                                                                                                                                                          • Shopping online
                                                                                                                                                                                                                                                                            • Figure 85: Germany: online buyers of electrical items in last 12 months, 2012-17
                                                                                                                                                                                                                                                                          • Online shopping dominates in electricals
                                                                                                                                                                                                                                                                            • Figure 86: Germany: channel and device used to buy electrical goods, December 2017
                                                                                                                                                                                                                                                                          • Online sales
                                                                                                                                                                                                                                                                            • Leading online players
                                                                                                                                                                                                                                                                              • Figure 87: Germany: estimated online sales of electricals by leading retailers, 2015-17
                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                              • Three-quarters shopped for electrical goods in the past year
                                                                                                                                                                                                                                                                                • Online shopping leads
                                                                                                                                                                                                                                                                                  • Pureplays are most popular
                                                                                                                                                                                                                                                                                    • Promotions are undermining trust
                                                                                                                                                                                                                                                                                      • Young men most likely to want the latest technology
                                                                                                                                                                                                                                                                                        • What they buy
                                                                                                                                                                                                                                                                                          • Almost three-quarters have bought electrical goods
                                                                                                                                                                                                                                                                                            • Mobile phones the most popular purchase
                                                                                                                                                                                                                                                                                              • Figure 88: Germany: electrical products bought in the last 12 months, December 2017
                                                                                                                                                                                                                                                                                            • Wearable tech remains the preserve of the wealthy
                                                                                                                                                                                                                                                                                              • Figure 89: Germany: electrical products purchased in the past 12 months, by age and household income, December 2017
                                                                                                                                                                                                                                                                                            • How they shop – Online and in-store
                                                                                                                                                                                                                                                                                              • Online shopping leads
                                                                                                                                                                                                                                                                                                • Figure 90: Germany: channel and device used to buy electrical goods, December 2017
                                                                                                                                                                                                                                                                                              • Smartphone shopping skewed towards the young
                                                                                                                                                                                                                                                                                                • Figure 91: Germany: channel and device used to buy electrical goods, by age and household income, December 2017
                                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                                • Online pureplays are now leaders in electricals
                                                                                                                                                                                                                                                                                                  • Figure 92: Germany: where they shop for electricals whether in-store or online, December 2017
                                                                                                                                                                                                                                                                                                • Amazon attracts older shoppers than Media Saturn
                                                                                                                                                                                                                                                                                                  • Smaller specialists appeal to more affluent shoppers
                                                                                                                                                                                                                                                                                                    • Figure 93: Germany: where they shop for electricals, by age and household income, December 2017
                                                                                                                                                                                                                                                                                                  • Grocery stores popular for small appliances
                                                                                                                                                                                                                                                                                                    • Figure 94: Germany: what they bought by where they shopped, December 2017
                                                                                                                                                                                                                                                                                                  • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                                                                                                    • Too many promotions undermine trust
                                                                                                                                                                                                                                                                                                      • Young men most likely to want the latest technology
                                                                                                                                                                                                                                                                                                        • Figure 95: Germany: attitudes to buying electrical goods, December 2017
                                                                                                                                                                                                                                                                                                      • Euronics shoppers most likely to want the latest technology at any cost
                                                                                                                                                                                                                                                                                                        • Figure 96: Germany: agreement with the statement “It is important to have the latest technology regardless of the price” by where they shopped for electrical goods in the past 12 months, December 2017
                                                                                                                                                                                                                                                                                                      • Other consumer research
                                                                                                                                                                                                                                                                                                        • Household device ownership
                                                                                                                                                                                                                                                                                                          • Figure 97: Germany: technology products owned by the household, Q3 2017
                                                                                                                                                                                                                                                                                                        • Personal device ownership
                                                                                                                                                                                                                                                                                                          • Figure 98: Germany: technology products personally owned, Q3 2017
                                                                                                                                                                                                                                                                                                        • Smartphones almost universal among under 45s
                                                                                                                                                                                                                                                                                                          • Figure 99: Germany: mobile phone ownership, by age, Q3, 2017
                                                                                                                                                                                                                                                                                                        • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                            • Italy

                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                  • Areas covered in this report
                                                                                                                                                                                                                                                                                                                    • Executive Summary
                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                                                                              • Figure 100: Italy: consumer price inflation on electrical items, annual % change, August 2016-January 2018
                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                              • Figure 101: Italy: estimated distribution of spending on electrical/electronic goods, 2017
                                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                  • Figure 102: Italy: leading specialist electrical retailers’ shares of spending on electrical items, 2017
                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                  • Figure 103: Italy: online buyers of electrical items in last 12 months, 2012-17
                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                  • What they buy
                                                                                                                                                                                                                                                                                                                                    • Figure 104: Italy: types of electrical products purchased in the last 12 months, December 2017
                                                                                                                                                                                                                                                                                                                                  • How they shop – Online and in-store
                                                                                                                                                                                                                                                                                                                                    • Figure 105: Italy: channels used to buy electrical goods, December 2017
                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                    • Figure 106: Italy: where they shop for electricals, whether in-store or online, December 2017
                                                                                                                                                                                                                                                                                                                                  • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                                                                                                                                    • Figure 107: Italy: attitudes to buying electrical goods, December 2017
                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                    • Issues and insights  
                                                                                                                                                                                                                                                                                                                                      • Just how great is the potential for electrical retailing in Italy?
                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                            • Is the potential of online likely to be realised soon?
                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                    • Economic growth weak
                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                        • Deflation the norm in electricals
                                                                                                                                                                                                                                                                                                                                                          • Multiples dominant
                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                              • Consumer sector struggling
                                                                                                                                                                                                                                                                                                                                                                • Figure 108: Italy: consumer spending on electrical items (incl. VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                              • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                • Figure 109: Italy: main electricals markets, volume sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Italy: household goods specialists, sales, excl VAT, 2013-17
                                                                                                                                                                                                                                                                                                                                                                • Figure 111: Italy: household goods specialists, forecast sales, excl VAT, 2018-22
                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                • Figure 112: Italy: consumer prices, annual % change, 2013-17
                                                                                                                                                                                                                                                                                                                                                                • Figure 113: Italy: consumer price inflation on electrical items, annual % change, August 2016-Janiuary 2018
                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                • Figure 114: Italy: estimated distribution of spending on electrical/electronic goods, 2017
                                                                                                                                                                                                                                                                                                                                                              • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                • Multiples vs voluntary groups
                                                                                                                                                                                                                                                                                                                                                                  • Other majors weak
                                                                                                                                                                                                                                                                                                                                                                    • Market shares weak
                                                                                                                                                                                                                                                                                                                                                                      • Online weak
                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                          • Expert with Unieuro the market leader
                                                                                                                                                                                                                                                                                                                                                                            • Meda World, the leading multiple
                                                                                                                                                                                                                                                                                                                                                                              • Euronics, Trony and Comet
                                                                                                                                                                                                                                                                                                                                                                                • Figure 115: Italy: leading specialist electricals retailers, sales, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                • Figure 116: Italy: leading specialist electricals retailers, outlets, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                • Figure 117: Italy: leading specialist electricals retailers, sales per outlet, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                • Figure 118: Italy: leading specialist electrical retailers’ shares of spending on electricals items, 2015/16-2017/18
                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                • Online activity
                                                                                                                                                                                                                                                                                                                                                                                  • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 119: Italy: online buyers of electrical items in last 12 months, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                  • Online sales
                                                                                                                                                                                                                                                                                                                                                                                    • Leading online retailers
                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                        • Mobile phones, the most bought product by internet users
                                                                                                                                                                                                                                                                                                                                                                                          • In-store still the channel of choice
                                                                                                                                                                                                                                                                                                                                                                                            • Amazon, the most used store
                                                                                                                                                                                                                                                                                                                                                                                              • Customers do not trust electricals retailer’s pricing
                                                                                                                                                                                                                                                                                                                                                                                                • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                  • The research
                                                                                                                                                                                                                                                                                                                                                                                                    • Who bought what?
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Italy: types of electrical products purchased in the last 12 months, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                    • How they shop – Online and in-store
                                                                                                                                                                                                                                                                                                                                                                                                      • Laptop still the online device of choice
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: Italy: channels used to buy electrical goods, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                      • Channels used by retailers bought from
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 122: Italy: channel used by retailer bought from, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon dominates
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Italy: where they shop for electricals, whether in-store or online, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                        • Who shops where
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 124: Italy: profile of electricals shoppers by stores used, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                                                                                                                                                                                                          • Conservative consumers
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Italy: attitudes to buying electrical/electronic goods, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes by retailers used
                                                                                                                                                                                                                                                                                                                                                                                                            • Early adopters go to Apple
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 126: Italy: importance of new technology by where electrical goods bought, by retailer, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                            • Apple trusted least on pricing?
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 127: Italy: trust in retailer’s prices by where electrical goods bought, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                      • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                        • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                                                                                                                            • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Spain: consumer spending on electrical items (incl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 129: Spain: electrical specialists, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 130: Spain: estimated distribution of spending on electrical goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                              • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 131: Spain: leading specialist electrical retailers’ shares of all spending on electricals items, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                    • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 132: Figure 133: Spain: electrical products purchased, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • How they shop – Online and in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 134: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Spain: where they shop for electricals, whether in-store or online, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 136: Spain: attitudes to buying electrical/electronic goods, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 137: Spain: attitudes to buying electrical/electronic goods, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retailers need to do more to enhance appeal of online electrical purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tech rental option
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spend on electricals up an estimated 5% y-o-y in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Electrical specialist retailers’ sales up in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prices continue to fall across electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Specialist electrical retailers continue to lose share
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 138: Spain: consumer spending on electrical items (incl. VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product market breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 139: Spain: main electricals markets, volume sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector specialists’ sales forecast to fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 140: Spain: electricals specialists, sales, excl. VAT, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 141: Spain: Electricals specialists, forecast sales, excl. VAT, 2017-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 142: Spain: consumer prices, annual % change, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 143: Spain: consumer prices inflation on electrical items, annual % change, July 2016-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialists continue to lose share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 144: Spain: estimated distribution of spending on electrical goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • MediaMarkt holds dominance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fnac sales boosted by extended product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Worten by far and away the best performing specialist in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialist chains hold station, while independents take a hit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Electrical specialists accounted for 15% of all online sales in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • MediaMarkt outperforms sector sales growth in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fnac extends its store and web offer with home appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Worten puts in the best performance in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 145: Spain: leading specialist electrical retailers, sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Spain: leading specialist electrical retailers, outlets, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: Spain: leading specialist electrical retailers, estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Spain: leading specialist electrical retailers’ shares of spending on electricals items, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Broadband penetration lags EU average but is growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Technology ownership in Spain is relatively well developed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Spain: technology products personally owned, Q3 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Spain: ways in which internet was accessed in the last three months, Q3 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 151: Spain: online buyers in last 12 months, by country, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 152: Spain: online buyers of electrical items in last 12 months, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Spain: how they shop for electrical products, in-store vs online, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: Spain: online-only retailers electrical goods bought from, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 85% of men and 83% of women bought electrical products in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 16-24 year olds the biggest purchasers of electrical products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 70% of Spanish consumers shop in-store for electrical products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Men more likely to shop online than women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • German-owned specialist MediaMarkt is the most popular retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Over half of all consumers do not trust retailer’s pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What they bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 84% bought electrical goods in the last year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Spain: electrical products purchased, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Men the biggest purchasers of electrical goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Spain: electrical products purchased, by gender, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Young consumers the biggest purchasers of electrical products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Spain: electrical products purchased, by age, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How they shop - Online and in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Buying in a store is most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Spain: usage of stores vs online when buying electrical/electronic products, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Men more likely to shop online than women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 159: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Older consumers most likely to buy in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 160: Spain: how they shop for electricals, in-store vs online, by age, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store-based specialists dominate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • MediaMarkt the most popular retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Non-specialists favoured over most specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon the single most-used non-specialist retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 161: Spain: where they shop for electricals, whether in-store or online, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Younger consumers more likely to shop at a store-based specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 162: Spain: where they shop for electricals, whether in-store or online, by age, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 163: Spain: where consumers shop for electricals by product purchased, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 164: Spain: where consumers shop for electricals, by channel used, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes to buying electrical/electronic products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 71% prepared to wait for lower pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Repairing rather than buying when money is tight
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Price transparency an issue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A quarter of consumers are hungry for the latest technology whatever the price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 165: Spain: attitudes to buying electrical/electronic goods, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix: Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Real incomes feeling the squeeze
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 166: Real wage growth: wages growth vs inflation, January 2014-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spending on electricals accelerates in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 167: Consumer spending on all electrical products: market size and forecast (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Specialists continue to lose share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 168: Electrical goods specialists as a % of all consumer spending on electrical goods (incl. VAT), 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dixons Carphone still the dominant player, but share is slipping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 169: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Half of spending now comes through online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Estimated online sales of electrical goods (including VAT), as a % of total consumer spending on electrical goods, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Amazon brand is outperforming rivals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 171: Attitudes towards and usage of selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mobile phones the most popular purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 172: Types of electrical products purchased in the past 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More consumers buy online than in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: How consumers browsed for and purchased electrical goods in the past year, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon the most popular destination to purchase electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 174: Retailers used to purchase electrical goods in the past 12 months, by in-store and online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Levels of discounting online are high…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 175: Full price vs discount purchases, by in-store/online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …which threatens to undermine full-price integrity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Attitudes towards trust in electrical retailers’ pricing, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advice crucial to the electricals purchase journey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: What consumers would do if buying high- and low-value electricals, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Could falling real income bring about more ‘fix-it-up’ behaviours?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 178: Attitudes towards buying new electrical goods, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Electricals the most purchased products on Black Friday 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 179: Items purchased during Black Friday 2017, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Discounting: friend or foe?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How can retailers continue to grow if discretionary spending falls?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • How can specialists best utilise their expertise in a digital world?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Real incomes fall in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Housing market flat year on year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spending on electricals accelerates in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists struggle to keep pace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail sales hold up relatively well in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: Annual % change in all retail sales, electrical household appliance specialists and computers & telecoms equipment specialists, non-seasonally adjusted value series, January 2016-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Annual % change in all retail sales, electrical household appliance specialists and computers & telecoms equipment specialists, non-seasonally adjusted volume series, January 2016-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Average weekly sales peak in Q4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 182: Average weekly retail sales in the electrical household appliance specialists and computers and telecommunications specialists categories, October 2016-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Prices more volatile over the year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 183: Price inflation: annual rate of change in core electrical categories, by month, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Price inflation: annual rate of change in core electrical categories, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Real income squeeze
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Real wage growth: wages growth vs inflation, January 2014-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Credit use hits recent peak
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 186: Value of total unsecured lending (excluding loans from the Student Loans Company), 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Property transactions flat in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 187: Number of property residential transactions with a value of over £40,000 completed in the UK, June 2016-November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 188: Number of property residential transactions with a value of over £40,000 completed in the UK, 2006-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Renting rises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 189: UK households, by tenure, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 190: Percentage of 20-34-year-olds living with their parents, by gender, 1996-2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending gathers pace in 2017 helped by inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: Consumer spending on all electrical products: market size and forecast (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: Consumer spending on all electrical products: market size and forecast (including VAT, in current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Segment forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 193: Core electrical goods segments as a percentage of the total market, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Household appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 194: Household appliances: segment size and forecast (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 195: Household appliances: segment size and forecast (including VAT), in current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Computing and telecoms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 196: Computing and telecoms goods: segment size and forecast (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 197: Computing and telecoms goods: segment size and forecast (including VAT), in current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Audio-visual and photographic goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 198: Audio-visual and photographic goods: segment size and forecasts (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 199: Audio-visual and photographic goods: segment size and forecast (including VAT), in current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Personal care appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 200: Personal care appliances: segment size and forecast (including VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 201: Personal care appliances: segment size and forecast (including VAT), in current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialist sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Specialists continue to lose share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 202: Electrical goods specialists as a % of all consumer spending on electrical goods (incl. VAT), 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 203: Electrical goods specialist sector sales (incl. and excluding VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Falling number of specialists underlines the challenges faced by the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 204: Electrical specialists enterprise numbers, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 205: Number of retail outlets, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 206: Average number of employees in the electrical specialist sector, 2008-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online-only retailers continue to be the big winners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 207: Estimated distribution of spending on electrical goods (excluding VAT), 2016 and 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mobile phones the most popular electrical purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More consumers buy online than in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon dominant in the electricals market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Frequent discounts have the potential to undermine full-price integrity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advice crucial to the electrical buying process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumers may look to repair rather than buy if market pressures continue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Black Friday continues to grow, and electricals are a driver
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What they bought and what they plan to buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mobile phones remain most popular item purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Types of electrical products purchased in the past 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Trend data: Rise in mobile phones and a fall in tablets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 209: Types of electrical products purchased in the past 12 months, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Repertoire of products purchased in the last year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 210: Repertoire of products purchased in the past 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Nearly two thirds of consumers plan to buy an electrical product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 211: Planned purchase of electrical goods in the next 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Planned purchases repertoire
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 212: Repertoire of planned purchase of electrical goods in the next 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • How they browsed and bought
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online crucial for the electricals sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 213: How consumers browsed for and purchased electrical goods in the past year, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Smartphone purchasing growing strongly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 214: How consumers purchased electrical goods, November 2016 and November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Younger consumers more likely to buy online and via a smartphone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 215: How consumers purchased electrical goods, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Personal care appliances and small appliances over-index in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: How consumers purchased electrical goods, by products purchased in the past 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon the most popular retailer overall…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 217: Retailers used to purchased electrical goods in the past 12 months, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The leading players have mass-market appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: Retailers used to purchase electrical goods in the past 12 months, by age and socio-economic group, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon dominants online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 219: Retailers used to purchased electrical goods in the past 12 months, by in-store and online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online vs in-store demographic split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 220: Retailers used to purchase electrical goods in the past 12 months, by in-store and online, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The majority stick to a single retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 221: Repertoire of electrical retailers shopped with in the past 12 months, in-store and online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 222: Repertoire of electrical retailers shopped with in-store the past 12 months, by retailer shopped with in-store, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 223: Repertoire of electrical retailers shopped with in the past 12 months, in-store and online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Discounting in electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Just over half paid full price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 224: Full price vs discount purchases, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • High levels of promotional activity are causing consumers to question pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 225: Attitudes towards trust in electrical retailers’ pricing, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online shows a higher level of purchasing at discounted prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 226: Full price vs discount purchases, by in-store/online, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Level of discount purchasing by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 227: Full price vs discount purchases, by retailers used to purchase electrical goods, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Purchase journey for high- and low-value electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumers more likely to do research for high-value purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 228: What consumers would do if buying high- and low-value electricals, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Younger consumers value advice, whilst older consumers want to see products first
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 229: What consumers would do if buying high-value electricals, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: What consumers would do if buying low-value electricals, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older consumers likely to have a more thorough buying process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Repertoire of actions taken before purchasing high/low-value electrical items, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes towards purchasing new technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Falling real incomes may see the return of ‘fix-it-up’ behaviours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 232: Attitudes towards buying new electrical goods, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 25-34s more likely to desire new tech irrespective of price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 233: Agreement with attitudes towards buying new electrical goods, by age, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 234: Agreement with attitudes towards buying new electrical goods, by socio-economic group, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Potential video games consoles and camera buyers more susceptible to changes in finances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 235: Agreement with attitudes towards buying new electrical goods, by products likely to be purchased in the next year, November 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Black Friday 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Over half engaged with Black Friday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 236: Participation in Black Friday 2017, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Electricals are the most purchased items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 237: Items purchased during Black Friday 2017, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Average spending tops £200 on Black Friday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: Average spending during Black Friday 2017, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Retailers shopped with during Black Friday 2017, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Black Friday displaces demand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Black Friday 2017 behaviours, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading retailers – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online specialists growing quickest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon continues to soar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Carphone remains the dominant player
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Over half of spending comes through online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • AR has potential to cause further headaches for stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon’s brand is strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market leader Dixons Carphone continues to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • AO.com sales on the up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appliances Direct is the fastest growing specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • BrightHouse sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Maplin profits almost halve over the year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 241: Leading specialist retailers of electrical goods: total net revenues, 2013/14- 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 242: Leading specialist retailers, CAGR of net revenues, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlets and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 243: Leading retailers of electrical goods, outlet numbers, 2013/14-17/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 244: Leading specialist retailers of electrical goods, annual sales per outlet, 2012/13-16/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 245: Leading specialist retailers of electrical goods, operating profits, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 246: Leading specialist retailers of electrical goods, operating margins, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 247: Leading specialist retailers of electrical goods, estimated sales area, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 248: Leading specialist retailers of electrical goods, sales per square metre, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon maintains its lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • GAME sales continues to fall, but upturn in sight
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sainsbury’s/Argos sales edge up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 249: Leading non-specialist retailers’ estimated sales of electronic goods (excluding VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 250: Leading non-specialist retailers, CAGR in electrical goods sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 251: Estimated Amazon and eBay total GTV/GMV electrical sales, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • GAME cuts store numbers in poor year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 252: Leading non-specialist retailers of electrical goods, outlet numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Carphone still the dominant player, but share is slipping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 253: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 254: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mobile phone specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mobile network connections
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 255: Value of retail mobile network connections in the UK, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 256: Average monthly revenue per subscription, by contract type, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • EE the single largest network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: Network usage, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Network providers – Key retail metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Estimated store numbers of the big four network providers, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Leading network providers: Financials, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Carphone Warehouse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 260: Carphone Warehouse: Key metrics, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online accounts for over 50% of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 261: Estimated online sales of electrical goods (including VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The reach of online is far more than the final purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 262: Why they prefer to shop online for electrical goods, November 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon the dominant player online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 263: Leading online retailers’ estimated shares of online spending on electrical goods, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 264: Leading electricals retailers, summary space allocation estimates, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 265: Leading electricals retailers, detailed space allocation estimates, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 266: Leading electricals retailers, detailed space allocation estimates, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Electrical departments in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 267: Supermarkets: Estimated electricals space as a percentage of total floor space, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 268: UK electricals retailers, space allocation, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 269: Leading electricals retailers, electricals space, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales density
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 270: Leading electricals retailers, estimated sales densities by broad product area, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales by broad product category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 271: Leading electricals retailers, estimated sales by broad product area, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 272: Leading electricals retailers, estimated market share by broad product area, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Innovation and launch activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis to raise Quiet Mark awareness on shop store windows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 273: Kettle with Quiet Mark tag
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon adds augmented reality to its mobile app and teams up with BMW
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 274: Amazon AR view
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dixons Travel expands with two new innovative stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sainsbury’s teams up with EE in store expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • GAME expands concessions into Maplin and WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Maplin teams up with repair specialist iSmash
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Carphone Warehouse teams up with Goji and Nails Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Beats and drams available in new London store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sonos opens concept store in London and teams up with IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Hughes Electrical invests in demonstration kitchen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Roberts introduces new turntable amid vinyl revival
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Smeg launches in Harrods and collaborates with Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising expenditure falls 5% year on year in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 275: Recorded above-the-line, online display and direct mail total advertising expenditure by UK electrical retailers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dixons continues to hold the crown of advertising expenditure, but is cutting back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 276: Leading UK retail advertisers of electrical products: recorded above-the-line, online display and direct mail total advertising expenditure, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Television advertising remains strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 277: Total UK retail advertising: recorded above-the-line, online display and direct mail total advertising expenditure, by media type, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Campaign highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Carphone partners with ultramarathon event Race to the Stones
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Argos’ Mew-Tube
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Currys PC World Christmas ad focuses on employees
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advertising by media type
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 278: Leading and total UK retail advertisers of electrical products: recorded above-the-line, online display and direct mail total advertising expenditure, by media type, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 279: Attitudes towards and usage of selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 280: Key metrics for selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand attitudes: Amazon and AO.com leading online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 281: Attitudes, by brand, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand personality: Amazon, AO.com and Argos have the fun factor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 282: Brand personality – Macro image, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis has the stylish edge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 283: Brand personality – Micro image, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon: mass-market appeal that most would recommend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 284: User profile of Amazon, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • AO.com: those who use the brand are impressed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 285: User profile of AO.com, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Apple Store: style with some substance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 286: User profile of Apple Store, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Argos: strong awareness but experience could be improved
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 287: User profile of Argos, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis: Exclusive whilst remaining accessible
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 288: User profile of John Lewis, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Currys PC World: strong awareness but experience is lacking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 289: User profile of Currys PC World, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Carphone Warehouse: Issues with trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 290: User profile of Carphone Warehouse, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales per store, sales per square metre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Exchange rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market size definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialist sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon.com Inc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Geographical expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marketplace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • AWS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Published sales and total sales volumes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 291: Amazon: sales breakdown, by source of income, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 292: Amazon: sales breakdown, by source of income, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gross transaction revenue (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 293: Amazon: estimated group gross transaction revenue, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GTV by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 294: Amazon.com Inc: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales of electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 295: Amazon Europe: estimated sales of electrical goods, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • AO World Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mobile shopping launched across all territories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Building brand awareness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Enhanced customer proposition in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Reaching out to new customers via marketplaces
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Logistics investment to meet increased demand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bolstering commitment to the environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 296: AO World Plc: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Apple Retail UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The human face of Apple Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Stores becoming larger and more informal…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …as well as more experiential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 297: Apple Retail UK: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 298: Apple Retail UK: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 299: Apple Retail: European stores, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Argos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Convenience store pick-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Increasing Fast Track delivery capability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Catalogue could be scrapped for good as more customers shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bigger and more varied product choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Record Black Friday sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 300: Argos: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 301: Argos: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ceconomy (MediaMarkt/Saturn)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fnac Darty deal strengthens Ceconomy’s position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanded online range and flexible delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focusing on services and solutions rather than just products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Less queuing thanks to digital payment solution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New store concepts to draw customers in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Enhanced loyalty cards winning new members
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 302: Ceconomy: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 303: Ceconomy: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Conrad Electronic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rental commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New B2B marketplace for technology and electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 3D printing production just a click away
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital specialist apprenticeship scheme to bolster employees tech-savviness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 304: Conrad Electronic (Germany): group sales performance, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 305: Conrad Electronic: outlet data, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Carphone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Enhancing appeal of delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Rebalancing the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Offering more payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 306: Dixons Carphone: retail brands, by country, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 307: Dixons Carphone: group financial performance, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 308: Dixons Carphone: group sales performance, by new reporting segments, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 309: Dixons Carphone: outlet data, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-Square

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Members
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 310: E-Square: membership, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Euronics International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New store concepts dedicated to helping consumers make the right mobile choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ditching the tech jargon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Focusing on VR and smart home solutions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A more dynamic in-store shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selling fitted kitchens, a potential new revenue earner for UK stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 311: Euronics International: estimated group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 312: Euronics International: estimated outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expert Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lack of transactional website is hurting Expert in some countries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ‘We are the experts’ positioning hard to maintain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 313: Expert Europe: group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 314: Expert Europe: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fnac Darty

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shop-in-shop cross-selling opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Compelling online offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Integration brings enhanced delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More dynamic in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Purchasing alliance with Carrefour could lower prices in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 315: Fnac Darty : pro forma group financial performance, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 316: Fnac Darty: store network, pro forma, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • HTM Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Committed to owned stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Service and experience focus aims to create a link between online and offline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 317: HTM Group: estimated sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 318: HTM Group: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Maplin Electronics

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New brand strategy and visual identity aimed at broadening its appeal to non-specialist customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ‘Store of the future’ format increasing dwell time and driving footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • GAME concessions give consumers another reason to visit Maplin stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ramping up support services to compete with Dixons Carphone’s new expert tech service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online enhancements to help drive web-enabled sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 319: Maplin Electronics Ltd: group financial performance, 2011/12-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 320: Maplin Electronics Ltd: outlet data, 2011/12-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Electrical Goods Retailing - Europe - February 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      US $3,909.12 (Excl.Tax)