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Electrical Goods Retailing - Spain - February 2019

“Although the business environment in terms of the Spanish economy has been much improved in the past five years, specialist store-based electrical retailers have continued to lose market share to the online channel, especially Amazon. If they are going to make their stores work effectively for them, they must seek to drive home the main advantage they have over Amazon in terms of being able to offer a stronger customer service-oriented proposition through their store estates and use this to build truly omnichannel businesses.”

–    Michael Oliver, Senior Retail Analyst

This report will look at the following areas:

  • Retailers need to give consumers a reason to shop in-store
  • Value-added goods and services to boost revenues

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Table of contents

  1. Overview

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

          • The market
            • Consumer spending
              • Figure 1: Spain: Consumer spending on electrical items (incl. VAT), 2014-18
            • Sector size and forecast
              • Figure 2: Spain: IT and telecoms equipment specialists’ sales, excl VAT, 2013-18
            • Channels of distribution
              • Figure 3: Spain: estimated distribution of spending on electrical goods by channel, 2018
            • Companies and brands
              • Leading players
                • Market shares
                  • Figure 4: Spain: Leading electrical retailers’ shares of spending on electricals, 2018
                • Online
                  • The consumer
                    • What they buy
                      • Figure 5: Spain: electrical products bought in the last 12 months, January 2019
                    • How they shop
                      • Figure 6: Spain: usage of stores vs online when buying electrical/electronic products, January 2019
                    • Where they shop
                      • Figure 7: Spain: where they shop for electricals, January 2019
                    • Attitudes to shopping for electrical goods
                      • Figure 8: Spain: attitudes to shopping for electrical/electronic goods, January 2019
                    • What we think
                    • Issues and Insights

                      • Retailers need to give consumers a reason to shop in-store
                        • The facts
                          • The implications
                            • Value-added goods and services to boost revenues
                              • The facts
                                • The implications
                                • The Market – What You Need to Know

                                  • Reasonable economic growth but consumers still cautious
                                    • Sector specialists’ sales are contracting
                                      • Specialists still losing share
                                      • Consumer Spending

                                        • Economic growth slowing
                                          • Electricals spending has also slowed
                                            • Figure 9: Spain: Consumer spending on electrical items (incl. VAT), 2014-18
                                        • Sector Size and Forecast

                                          • Sector specialists’ sales are contracting
                                            • Figure 10: Spain: IT and telecoms specialists, sales excl VAT, 2013-18
                                            • Figure 11: Spain: IT and telecoms specialists, forecast sales excl VAT, 2019-23
                                        • Inflation

                                            • Figure 12: Spain: Consumer prices, annual % change, 2014-18
                                            • Figure 13: Spain: Consumer price inflation on electrical items (HICP*), annual % change, July 2017-December 2018
                                        • Channels of Distribution

                                          • Specialists still losing share
                                            • Figure 14: Spain: estimated distribution of spending on electrical goods by channel, 2018
                                        • Companies and Brands – What You Need to Know

                                          • MediaMarkt clear market leader but growth slows
                                            • Fnac growth slows too
                                              • Worten continues to grow
                                                • Market becomes less concentrated
                                                  • Electricals one of the most developed online markets in Spain
                                                  • Leading Players

                                                    • MediaMarkt clear market leader but growth slows
                                                      • Fnac growth slows too
                                                        • Worten continues to grow
                                                          • Amazon dominates online space
                                                            • Sinersis is leading buying group
                                                              • Orange leads the phone retailers
                                                                • Figure 15: Spain: Leading electrical retailers, Sales, 2014-18
                                                                • Figure 16: Spain: Leading electrical retailers, Outlet numbers, 2014-18
                                                                • Figure 17: Spain: Leading electrical retailers, Sales per outlet, 2014-18
                                                            • Market Shares

                                                              • Market becomes less concentrated
                                                                • Figure 18: Spain: Leading electrical retailers’ shares of spending on electricals items, 2014-18
                                                            • Online

                                                              • Technology ownership
                                                                • Figure 19: Spain: personal ownership of smartphones, by gender and age, Q4 2018
                                                                • Figure 20: Spain: Household technology ownership, Q4 2018
                                                              • Online activity
                                                                • Figure 21: Spain: online purchasing in the past 12 months compared to other major European economies, 2014-18
                                                              • Shopping online
                                                                • Figure 22: Spain: Proportion of people buying electrical items online in the last 12 months, 2009-18
                                                              • Online sales
                                                                • Figure 23: Spain: estimated online sales by product category, 2017
                                                              • Leading online players
                                                                • Figure 24: Spain: Estimated sales of electricals online by leading retailers, 2015-18
                                                            • The Consumer – What You Need to Know

                                                              • More than eight in ten Spaniards bought electrical goods in the past year
                                                                • Stores still most popular point of purchase but online catching up
                                                                  • MediaMarkt leads market and is largely responsible for strength of specialist sector
                                                                    • Retailers need to develop a more customer-focused in-store experience
                                                                    • What They Buy

                                                                      • 83% bought electrical goods in the past year
                                                                        • Figure 25: Spain: electrical products purchased in the last 12 months, January 2019
                                                                      • Men are the main buyers of electrical goods
                                                                        • Figure 26: Spain: electrical products purchased in the last 12 months, by gender, January 2019
                                                                      • Phone and computer buying peaks among younger age groups
                                                                        • Figure 27: Spain: electrical products purchased in the last 12 months, by age, January 2019
                                                                    • How They Shop – Online and In-Store

                                                                      • Stores still most popular point of purchase
                                                                        • Figure 28: Spain: Channels used to buy electrical goods in the last 12 months, January 2019
                                                                      • Men and younger buyers favour online, women and older buyers in-store
                                                                        • Figure 29: Spain: usage of stores vs online when buying electrical/electronic products, by gender and age, January 2019
                                                                    • Where They Shop

                                                                      • MediaMarkt leads market and largely responsible for strength of specialist sector
                                                                        • Figure 30: Spain: where they shop for electricals, January 2019
                                                                      • MediaMarkt appeal peaks among younger buyers
                                                                        • Figure 31: Spain: where they shop for electricals, by age, January 2019
                                                                      • How they shop by retailer used
                                                                        • Figure 32: Spain: where they shop for electricals, by channel used, January 2019
                                                                      • MediaMarkt more reliant on in-store only buyers than rivals
                                                                        • Figure 33: Spain: where they shop for electricals (leading specialists only), by channel used, January 2019
                                                                    • Attitudes to Shopping for Electricals

                                                                      • Retailers need to develop a more customer-focused in-store experience
                                                                        • Figure 34: Spain: attitudes to shopping for electrical/electronic goods, January 2019
                                                                      • Attitudes to shopping for electricals by channel used
                                                                        • Figure 35: Spain: Attitudes to buying electrical/electronic goods, by channel used, January 2019
                                                                      • Attitudes to shopping by retailer used
                                                                        • Figure 36: Spain: Attitudes to buying electrical/electronic goods, by where they shop (Specialists), January 2019
                                                                      • Amazon’s excellence leaves few opportunities for rivals
                                                                        • Figure 37: Spain: Attitudes to buying electrical/electronic goods, by where they shop (online-only non-specialists), January 2019
                                                                    • Appendix: Data Sources, Abbreviations and Supporting Information

                                                                      • Abbreviations
                                                                        • Data sources
                                                                        • Amazon International

                                                                            • What we think
                                                                              • Prime
                                                                                • Marketplace
                                                                                  • And what does that mean for electricals?
                                                                                    • Where next?
                                                                                      • Company background
                                                                                        • Company performance
                                                                                          • Figure 38: Amazon: Sales by activity, 2018
                                                                                        • Mintel estimates
                                                                                          • GTV vs Consolidated vs Direct sales
                                                                                            • Recent performance
                                                                                              • Figure 39: Amazon Group: Group financial performance, 2014-18
                                                                                              • Figure 40: Amazon International: Estimated retail sales performance, 2015-18
                                                                                            • Sales of electrical goods
                                                                                              • Figure 41: Amazon Europe: estimated sales of electrical products, 2018
                                                                                            • Retail offering
                                                                                              • Consumer profile
                                                                                                • Product mix
                                                                                                  • Figure 42: Amazon UK: Estimated sales by product, 2017
                                                                                                • Marketing
                                                                                                • Ceconomy

                                                                                                    • What we think
                                                                                                      • Trouble at the top as CEO departs
                                                                                                        • Hits pause button on Fnac Darty tie-up for now
                                                                                                          • Services prove lucrative ground for development
                                                                                                            • Moving towards frictionless payment in stores
                                                                                                              • Company background
                                                                                                                • Company performance
                                                                                                                  • Figure 43: Ceconomy: Group financial performance, 2013/14-2017/18
                                                                                                                  • Figure 44: Ceconomy: Outlet data, 2013/14-2017/18
                                                                                                                • Retail offering
                                                                                                                • Euronics International

                                                                                                                    • What we think
                                                                                                                      • Multichannel strategy compromised by group structure
                                                                                                                        • Rethinking the digital sales channel
                                                                                                                          • Reinventing physical points of sale
                                                                                                                            • Company background
                                                                                                                              • Company performance
                                                                                                                                • Figure 45: Euronics International: estimated group financial performance, 2013-17
                                                                                                                                • Figure 46: Euronics International: estimated outlet data, 2013-17
                                                                                                                              • Retail offering
                                                                                                                              • Expert Europe

                                                                                                                                  • What we think
                                                                                                                                    • The problems of operating a voluntary group
                                                                                                                                      • Online weak
                                                                                                                                        • Free recycling of old appliances bolsters green credentials
                                                                                                                                          • Company background
                                                                                                                                            • Company performance
                                                                                                                                              • Figure 47: Expert Europe: Estimated group financial performance, 2014-18
                                                                                                                                              • Figure 48: Expert Europe: Estimated outlet data, 2014-18
                                                                                                                                            • Retail offering
                                                                                                                                            • Fnac Darty

                                                                                                                                                • What we think
                                                                                                                                                  • Taking charge of the product lifecycle
                                                                                                                                                    • Benefits of merger close to being realised, but what next?
                                                                                                                                                      • Retail Alliance put on hold for now
                                                                                                                                                        • Company background
                                                                                                                                                          • Company performance
                                                                                                                                                            • Figure 49: Fnac Darty : Group financial performance, 2015-18
                                                                                                                                                            • Figure 50: Fnac Darty : Outlet data, 2015-18
                                                                                                                                                          • Retail offering

                                                                                                                                                          Electrical Goods Retailing - Spain - February 2019

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