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Electrical Goods Retailing - Spain - February 2018

“While the economic climate in Spain has greatly improved and spending on electrical items has increased for the past four years, electrical specialists have been steadily losing market share, largely to the online channel and particularly to the likes of Amazon. Specialists must look not just to match Amazon in terms of prices and fulfilment options but also to accentuate their points of difference, such as being able to offer in-store trial and face-to-face advice to customers, if they are to continue to thrive.”
– Michael Oliver, Senior Retail Analyst

This report looks at the following areas:

  • Retailers need to do more to enhance appeal of online electrical purchasing
  • Tech rental option

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Table of contents

  1. Overview

    • What you need to know
      • Areas covered in this report
      • Executive Summary

          • The market
            • Spending and inflation
              • Figure 1: Spain: consumer spending on electrical items (incl. VAT), 2012-17
            • Sector size and forecast
              • Figure 2: Spain: electrical specialists, sales (excl. VAT), 2012-17
            • Channels of distribution
              • Figure 3: Spain: estimated distribution of spending on electrical goods, 2017
            • Companies and brands
              • Key metrics
                • Market shares
                  • Figure 4: Spain: leading specialist electrical retailers’ shares of all spending on electricals items, 2017
                • Online
                  • The consumer
                    • What they buy
                      • Figure 5: Figure 6: Spain: electrical products purchased, December 2017
                    • How they shop – Online and in-store
                      • Figure 7: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                    • Where they shop
                      • Figure 8: Spain: where they shop for electricals, whether in-store or online, December 2017
                    • Attitudes to buying electrical/electronic products
                      • Figure 9: Spain: attitudes to buying electrical/electronic goods, December 2017
                      • Figure 10: 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 11: Spain: consumer spending on electrical items (incl. VAT), 2013-17
                                          • Product Market Breakdown

                                              • Figure 12: Spain: main electricals markets, volume sales, 2013-17
                                          • Sector Size and Forecast

                                            • Sector specialists’ sales forecast to fall
                                              • Figure 13: Spain: electricals specialists, sales, excl. VAT, 2012-17
                                              • Figure 14: Spain: Electricals specialists, forecast sales, excl. VAT, 2017-22
                                          • Inflation

                                              • Figure 15: Spain: consumer prices, annual % change, 2013-17
                                              • Figure 16: Spain: consumer prices inflation on electrical items, annual % change, July 2016-December 2017
                                          • Channels of Distribution

                                            • Specialists continue to lose share
                                              • Figure 17: 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 18: Spain: leading specialist electrical retailers, sales, 2013-17
                                                            • Figure 19: Spain: leading specialist electrical retailers, outlets, 2013-17
                                                            • Figure 20: Spain: leading specialist electrical retailers, estimated sales per outlet, 2013-17
                                                        • Market Shares

                                                            • Figure 21: 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 22: Spain: technology products personally owned, Q3 2017
                                                                • Figure 23: Spain: ways in which internet was accessed in the last three months, Q3 2017
                                                              • Shopping online
                                                                • Figure 24: Spain: online buyers in last 12 months, by country, 2013-17
                                                                • Figure 25: Spain: online buyers of electrical items in last 12 months, 2013-17
                                                              • Online sales
                                                                • In-store vs online
                                                                  • Figure 26: Spain: how they shop for electrical products, in-store vs online, December 2017
                                                                • Leading online players
                                                                  • Figure 27: 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 28: Spain: electrical products purchased, December 2017
                                                                            • Men the biggest purchasers of electrical goods
                                                                              • Figure 29: Spain: electrical products purchased, by gender, December 2017
                                                                            • Young consumers the biggest purchasers of electrical products
                                                                              • Figure 30: Spain: electrical products purchased, by age, December 2017
                                                                          • How They Shop – Online and In-store

                                                                            • Buying in a store is most popular
                                                                              • Figure 31: Spain: usage of stores vs online when buying electrical/electronic products, December 2017
                                                                            • Men more likely to shop online than women
                                                                              • Figure 32: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
                                                                            • Older consumers most likely to buy in-store
                                                                              • Figure 33: 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 34: 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 35: Spain: where they shop for electricals, whether in-store or online, by age, December 2017
                                                                                    • Figure 36: Spain: where consumers shop for electricals by product purchased, December 2017
                                                                                    • Figure 37: 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 38: Spain: attitudes to buying electrical/electronic goods, December 2017
                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                        • Abbreviations
                                                                                          • Data sources
                                                                                          • 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 39: Amazon: sales breakdown, by source of income, 2015-17
                                                                                                                      • Figure 40: Amazon: sales breakdown, by source of income, 2017
                                                                                                                    • Gross transaction revenue (GTV)
                                                                                                                        • Figure 41: Amazon: estimated group gross transaction revenue, 2015-17
                                                                                                                      • GTV by country
                                                                                                                        • Figure 42: Amazon.com Inc: group financial performance, 2013-17
                                                                                                                      • Sales of electricals
                                                                                                                        • Figure 43: Amazon Europe: estimated sales of electrical goods, 2015-17
                                                                                                                      • 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 44: Apple Retail UK: group financial performance, 2012/13-2016/17
                                                                                                                                        • Figure 45: Apple Retail UK: outlet data, 2012/13-2016/17
                                                                                                                                        • Figure 46: Apple Retail: European stores, 2014-18
                                                                                                                                      • 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 47: Ceconomy: group financial performance, 2012/13-2016/17
                                                                                                                                                            • Figure 48: Ceconomy: outlet data, 2012/13-2016/17
                                                                                                                                                          • Retail offering
                                                                                                                                                          • E-Square

                                                                                                                                                              • Company background
                                                                                                                                                                • Key figures
                                                                                                                                                                  • Members
                                                                                                                                                                    • Figure 49: 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 50: Euronics International: estimated group financial performance, 2012-16
                                                                                                                                                                                    • Figure 51: 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 52: Expert Europe: group sales performance, 2013-17
                                                                                                                                                                                                • Figure 53: 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 54: Fnac Darty : pro forma group financial performance, 2015-17
                                                                                                                                                                                                                  • Figure 55: Fnac Darty: store network, pro forma, 2015-17
                                                                                                                                                                                                                • Retail offering

                                                                                                                                                                                                                Electrical Goods Retailing - Spain - February 2018

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