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Electrical Goods Retailing - Europe Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Electrical Goods Retailing - Europe market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

Electricals retailing in Europe provides detailed coverage of the retailing of electrical goods in the five major European economies – France, Germany, Italy, Spain and the UK. This pan-European data comes from three main sources.

  • Consumer spending data. This comes from the national statistics website or Eurostat (which sources data from the national sites) and is explained below. We have data for 27 countries.
  • Retail sales data: retail sales data availability is patchy. There are two main sectors covering electricals – “IT and telecoms specialist retailers” and “Household goods electrical retailers”.
  • Data on the leading retailers, both specialist and non-specialist, though there is only one major pan-European non-specialist, Amazon.

Expert analysis from a specialist in the field

Written by Richard Perks, a leading analyst in the Retail Research sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

There appear to be too many electrical retailers and this report paints a picture of the sector slowly coming to terms with the degree of rationalisation necessary. This year Amazon has moved up into top place in Europe, highlighting the problems of the store-based market leaders, Ceconomy (MediaMarkt Saturn) and Dixons Carphone, which are both struggling, while the voluntary groups are actually contracting. Richard Perks
Director of Retail Research

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Table of contents

  1. Overview

      • Technical notes
        • Market sizes – Consumer spending on electricals products
          • Figure 1: Electrical products, main classification codes, 2018
        • Market sizes – Retail data
          • Leading retailers
            • Amazon, eBay and marketplaces
              • GTV or consolidated sales
                • Financial definitions
                  • Abbreviations
                    • VAT rates
                      • Figure 2: VAT rates around Europe, 2014-19
                  • Executive Summary – Europe – The Market

                      • The market
                        • Consumer spending
                          • Brown and grey goods weak
                            • White goods recovering
                              • Figure 3: Europe: Spending on electricals by broad product type, 2013 and 2017
                            • Recovery from the 2014 low point
                              • Figure 4: Europe: Spending on electrical goods as % all consumer spending, 2012-17
                            • Relative importance of electricals
                              • Figure 5: Europe: Spending on electricals products by type of product as % all consumer spending, 2017
                            • All electricals spending
                              • Figure 6: Europe: All spending on electricals (inc VAT), 2013-17
                            • Spending on white goods
                              • Figure 7: Europe: Spending on household appliances (inc. VAT), 2013-17
                            • Spending on brown goods
                              • Figure 8: Europe: Spending on Audio Visual and IT goods (inc. VAT), 2013-17
                            • Telecoms
                              • Figure 9: Europe: Spending on telecoms and telefax equipment (inc. VAT), 2013-17
                            • Retail sales
                              • IT and telecoms retailers
                                • Figure 10: Europe: IT and telecoms specialists, sales (ex VAT), 2013-18
                                • Figure 11: Europe: IT and telecoms specialists, forecast sales (ex VAT), 2019-23
                              • Household electricals retailers
                                • Figure 12: Europe: Household electrical goods specialists, sales (ex VAT), 2013-18
                                • Figure 13: Europe: Household electrical goods specialists, forecast sales (ex VAT), 2019-23
                              • Store-based retailers’ share declining
                                • Figure 14: Europe: Sales by specialist electricals retailers as % all spending on electricals, 2012-17
                              • Online
                                • Online buyers
                                  • Figure 15: Europe: Proportion of people buying computer hardware online in the last 12 months, 2009-18
                                  • Figure 16: Europe: Proportion of people buying electronic equipment online in the last 12 months, 2009-18
                                  • Figure 17: Europe: Proportion of people buying household goods online in the last 12 months, 2009-18
                                • Online sales
                                  • Figure 18: Online spending on electricals by country, 2018
                                • Companies and brands
                                  • Leading players
                                    • Amazon, eBay and other online pureplayers
                                      • Other multiples
                                        • Voluntary groups
                                          • Figure 19: Europe: Top 20 electrical goods retailers, Sales, 2015/16 – 2018/19
                                          • Figure 20: Europe: Top 20 electrical goods retailers, Outlets, 2015/16 – 2018/19
                                        • Sales per outlet
                                          • Figure 21: Europe: Top 20 electrical goods retailers, Sales per outlet, 2015/16 – 2018/19
                                        • Market shares
                                          • Figure 22: Europe: Leading electricals retailers’ shares of all spending on electricals goods, 2015-18
                                        • What we think
                                          • The move online
                                            • Overcapacity
                                            • Executive Summary – Europe – The Consumer

                                              • The research
                                                • Proportion of people buying electricals
                                                  • Figure 23: Europe: Proportion of people buying electrical goods in the last 12 months, January 2019
                                                • What they buy
                                                  • Figure 24: Europe: electrical products bought in the last 12 months, by country, January 2019
                                                  • Figure 25: Europe: Ranking of electricals products by number of buyers, by country, January 2019
                                                • Online vs in-store
                                                  • Figure 26: Europe: Proportion of electrical buyers shopping in-store and online, by country, January 2019
                                                  • Figure 27: Europe: In-store vs online and device used to buy electricals online, by country, January 2019
                                                • Where they shop
                                                  • Figure 28: Europe: where they shopped for electricals in the last 12 months, leading two players, by country, January 2019
                                                • Attitudes to shopping for electricals
                                                    • Figure 29: Those agreeing with statements about shopping for electrical products, by country, January 2019
                                                • Executive Summary – Europe - Innovations and Launch Activity

                                                  • Scan-and-go electricals store
                                                    • Figure 30: Saturn Smartpay, Hamburg
                                                  • Live streaming of domestic appliances bargains
                                                    • Next-generation airport electricals shops
                                                      • Reinventing the electrical store experience
                                                        • ‘Voice shopping’
                                                          • Express smartphone repairs
                                                          • France

                                                            • Overview
                                                              • What you need to know
                                                                • Areas covered in this report
                                                                  • Executive summary
                                                                    • The market
                                                                      • Consumer spending
                                                                        • Figure 31: France: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                      • Sector size and forecast
                                                                        • Channels of distribution
                                                                          • Figure 32: France: estimated distribution of spending on electrical/electronic goods by channel, 2018
                                                                        • Companies and brands
                                                                          • Key metrics
                                                                            • Market shares
                                                                              • Figure 33: France: Leading electrical retailers’ shares of spending on electricals, 2018
                                                                            • Online
                                                                              • The consumer
                                                                                • What they buy
                                                                                  • Figure 34: France: electrical products bought in the last 12 months, January 2019
                                                                                • How they shop
                                                                                  • Figure 35: France: usage of stores vs online when buying electrical/electronic products, by gender, January 2019
                                                                                • Where they shop
                                                                                  • Figure 36: France: where they shop for electricals, whether in-store or online, January 2019
                                                                                • Attitudes to shopping for electricals
                                                                                  • Figure 37: France: attitudes to shopping for electrical/electronic goods, January 2019
                                                                                • What we think
                                                                                  • Issues and insights  
                                                                                    • The influence of online
                                                                                      • The facts
                                                                                        • The implications
                                                                                          • The cost of discounting
                                                                                            • The facts
                                                                                              • The implications
                                                                                                • The market – What you need to know
                                                                                                  • Economy picking up after prolonged period of low growth
                                                                                                    • Specialists remain strong
                                                                                                      • Ongoing deflation
                                                                                                        • Specialists account for over half of spending
                                                                                                          • Consumer spending
                                                                                                            • Signs of growth in the French economy
                                                                                                              • Low growth in spending on electricals
                                                                                                                • Figure 38: France: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                              • Sector size and forecast
                                                                                                                • Total retail sales recovering, further growth forecast for 2018
                                                                                                                  • Specialists outperform all retail sales
                                                                                                                    • Figure 39: France: Electricals specialists, sales excl VAT, 2014-18
                                                                                                                    • Figure 40: France: Electricals specialists, forecast sales, excl VAT, 2019-23
                                                                                                                  • Inflation
                                                                                                                    • Figure 41: France: Consumer price inflation (HICP*), Annual % change, 2014-18
                                                                                                                    • Figure 42: France: Consumer price inflation on electrical items (HICP*), annual % change, July 2017-January 2019
                                                                                                                  • Channels of distribution
                                                                                                                    • Figure 43: France: Channels used to buy electrical goods, January 2019
                                                                                                                    • Figure 44: France: estimated distribution of spending on electrical/electronic goods by channel, 2018
                                                                                                                  • Companies and brands – What you need to know
                                                                                                                    • Fnac Darty leads
                                                                                                                      • Multiples growing share as independents decline
                                                                                                                        • Online market worth some €5.8 billion
                                                                                                                          • Leading players
                                                                                                                            • Challenges for Fnac Darty
                                                                                                                              • Retail partnerships
                                                                                                                                • Marketplaces driving growth
                                                                                                                                  • Online retailers
                                                                                                                                    • Telecoms specialists
                                                                                                                                        • Figure 45: France: Leading electrical retailers, sales, 2014-18
                                                                                                                                        • Figure 46: France: Leading electrical retailers, outlet numbers, 2014-18
                                                                                                                                      • Sales per outlet
                                                                                                                                        • Figure 47: France: Leading electrical retailers, sales per outlet, 2014-18
                                                                                                                                      • Market shares
                                                                                                                                        • Figure 48: France: Leading electrical retailers’ shares of spending on electricals, 2014-18
                                                                                                                                      • Online
                                                                                                                                        • Online activity
                                                                                                                                          • Shopping online
                                                                                                                                            • Figure 49: France: Proportion of people buying electrical items online in the last 12 months, 2014-18
                                                                                                                                          • Online sales of electricals
                                                                                                                                            • Leading online players
                                                                                                                                              • Figure 50: France: Estimated sales of electricals online by leading retailers, 2014-18
                                                                                                                                            • The consumer – What you need to know
                                                                                                                                              • Almost 70% shopped for electrical goods in the past year
                                                                                                                                                • In-store still the channel of choice
                                                                                                                                                  • Darty the most used store
                                                                                                                                                    • Promotions eroding full price sales
                                                                                                                                                      • Research before buying
                                                                                                                                                        • What they buy
                                                                                                                                                          • Men, the young and more affluent most likely to buy
                                                                                                                                                            • Figure 51: France: Proportion of people buying any kind of electrical product in the last 12 months by generation group, January 2019
                                                                                                                                                          • Mobile phones the most popular purchase
                                                                                                                                                            • Figure 52: France: electrical products bought in the last 12 months, January 2019
                                                                                                                                                          • How they shop – Online and in-store
                                                                                                                                                            • Figure 53: France: Channels used to buy electrical goods in the last 12 months, January 2019
                                                                                                                                                            • Figure 54: France: usage of stores vs online when buying electrical/electronic products, by gender, January 2019
                                                                                                                                                          • Channels used by retailers bought from
                                                                                                                                                            • Figure 55: France: channel used by retailer bought from, January 2019
                                                                                                                                                          • Where they shop
                                                                                                                                                            • Figure 56: France: where they shop for electricals by store category, whether in-store or online, January 2019
                                                                                                                                                            • Figure 57: France: where they shop for electricals, whether in-store or online, January 2019
                                                                                                                                                          • Who shops where
                                                                                                                                                            • Figure 58: France: profile of electricals shoppers by retailer used, January 2019
                                                                                                                                                          • Attitudes to shopping for electrical products
                                                                                                                                                            • Too many promotions undermine trust
                                                                                                                                                              • Research before buying
                                                                                                                                                                • Figure 59: France: attitudes to shopping for electrical/electronic goods, January 2019
                                                                                                                                                              • Attitudes by retailers used
                                                                                                                                                                • Figure 60: France: agreement with the statement “Amazon is often the first site I go to when looking for electrical goods online” by where they shopped for electrical goods in the past 12 months, January 2019
                                                                                                                                                                • Figure 61: France: agreement with the statement “I often view electrical products in-store but buy them online ” by where they shopped for electrical goods in the past 12 months, January 2019
                                                                                                                                                                • Figure 62: France: agreement with the statement “Frequent promotions make paying full price for electrical products unnecessary” by where they shopped for electrical goods in the past 12 months, January 2019
                                                                                                                                                              • 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 63: Germany: consumer spending on electrical items as % all consumer spending, 2013-18
                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                • Figure 64: Germany: Sales by electrical specialists as % all retail sales, 2013-23
                                                                                                                                                                              • Inflation
                                                                                                                                                                                • Figure 65: Germany: consumer price inflation on electrical items, annual % change, July 2017–November 2018
                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                • Figure 66: Germany: Estimated distribution of spending on electrical goods by channel, 2018
                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                • Market shares
                                                                                                                                                                                  • Figure 67: Germany: leading electrical retailers’ shares of all spending on electricals, 2018
                                                                                                                                                                                • Online
                                                                                                                                                                                  • Figure 68: Germany: Proportion of people buying electrical items online in the last 12 months, 2009-18
                                                                                                                                                                                • The consumer
                                                                                                                                                                                  • What they bought
                                                                                                                                                                                    • Figure 69: Germany: Electrical goods purchased in the last 12 months, January 2019
                                                                                                                                                                                  • How they bought electricals
                                                                                                                                                                                    • Figure 70: Germany: Channels used to buy electrical goods in the last 12 months, January 2019
                                                                                                                                                                                  • Where they bought electricals
                                                                                                                                                                                    • Figure 71: Germany: Where electrical goods were bought the last 12 months, January 2019
                                                                                                                                                                                    • Figure 72: Germany: Retailers electrical products bought from either in-store or online in the last 12 months, January 2019
                                                                                                                                                                                  • Attitudes to shopping for electricals
                                                                                                                                                                                    • Figure 73: Germany: Attitudes to shopping for electricals goods, January 2019
                                                                                                                                                                                  • What we think
                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                      • What’s the future of store-based electricals retailing in Germany?
                                                                                                                                                                                        • The facts
                                                                                                                                                                                          • The implications
                                                                                                                                                                                            • Can retailers restore trust in their pricing?
                                                                                                                                                                                              • The facts
                                                                                                                                                                                                • The implications
                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                    • Spending on electricals just holding on to share of all spending
                                                                                                                                                                                                      • Specialist retailers losing share
                                                                                                                                                                                                        • Deflation in electrical goods the norm
                                                                                                                                                                                                          • Specialists dominant
                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                              • Weaker spending in electricals
                                                                                                                                                                                                                • Figure 74: Germany: consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                • Figure 75: Germany: electricals specialists, sales excl VAT, 2013-18
                                                                                                                                                                                                                • Figure 76: Germany: electricals specialists, forecast sales excl VAT, 2019-23
                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                • Figure 77: Germany: consumer prices, annual % change, 2013-17
                                                                                                                                                                                                                • Figure 78: Germany: consumer price inflation on electrical items, annual % change, July 2017–November 2018
                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                • Figure 79: Germany: Estimated distribution of spending on electrical goods by channel, 2018
                                                                                                                                                                                                              • Companies and brands – What you need to know
                                                                                                                                                                                                                • MediaMarkt/Saturn still the market leader
                                                                                                                                                                                                                  • But Amazon growing
                                                                                                                                                                                                                    • Voluntary groups in decline
                                                                                                                                                                                                                      • Online now takes over 40% of electricals spending
                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                          • MediaMark/Saturn (Ceconomy) the market leader
                                                                                                                                                                                                                            • Amazon and other online retailers
                                                                                                                                                                                                                              • Mobile phone boom slowing
                                                                                                                                                                                                                                • Voluntary groups in decline
                                                                                                                                                                                                                                    • Figure 80: Germany: leading electrical retailers, sales, 2014/15-2018/19
                                                                                                                                                                                                                                    • Figure 81: Germany: leading specialist electrical retailers, outlets, 2014/15-2018/19
                                                                                                                                                                                                                                    • Figure 82: Germany: leading specialist electrical retailers, sales per outlet, 2014/15-2018/19
                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                    • Figure 83: Germany: leading specialist electrical retailers’ estimated shares of spending on electricals items, 2014-18
                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                    • Online usage
                                                                                                                                                                                                                                      • Online buying
                                                                                                                                                                                                                                        • Figure 84: Germany: Proportion of people buying electrical items online in the last 12 months, 2009-18
                                                                                                                                                                                                                                      • Online sales
                                                                                                                                                                                                                                        • Leading online retailers
                                                                                                                                                                                                                                          • Figure 85: Germany: Estimated sales of electricals online by leading retailers, 2016/17-2018/19
                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                          • Almost three-quarters bought electrical products in the last year
                                                                                                                                                                                                                                            • Online the most used channel
                                                                                                                                                                                                                                              • But store-based retailers still have the larger market share
                                                                                                                                                                                                                                                • Amazon has the largest number of shoppers
                                                                                                                                                                                                                                                  • Price cutting is hitting trust in the retailers
                                                                                                                                                                                                                                                    • What they buy
                                                                                                                                                                                                                                                      • Figure 86: Germany: Electrical goods purchased in the last 12 months, January 2019
                                                                                                                                                                                                                                                    • By housing tenure
                                                                                                                                                                                                                                                      • How they shop – Online and in-store
                                                                                                                                                                                                                                                        • Figure 87: Germany: Channels used to buy electrical goods in the last 12 months, January 2019
                                                                                                                                                                                                                                                        • Figure 88: Germany: Online vs in-store buyers of electrical goods in the last 12 months, January 2019
                                                                                                                                                                                                                                                      • Online vs in-store by product
                                                                                                                                                                                                                                                        • Figure 89: Germany: Those buying products online vs those buying in-store by product, % point difference buying online to in-store, January 2019
                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                        • Figure 90: Germany: where they shopped for electricals in the last 12 months, whether in-store or online, January 2019
                                                                                                                                                                                                                                                        • Figure 91: Germany: where they shop for electricals by store category, January 2019
                                                                                                                                                                                                                                                        • Figure 92: Germany: Profile of shoppers at leading retailers by age and income, Jan 2019
                                                                                                                                                                                                                                                      • Who bought what by where they shop
                                                                                                                                                                                                                                                        • Attitudes to shopping for electricals
                                                                                                                                                                                                                                                          • Figure 93: Germany: Attitudes to shopping for electricals goods, January 2019
                                                                                                                                                                                                                                                        • Attitudes to shopping for electricals by retailers used
                                                                                                                                                                                                                                                          • Figure 94: Germany: Attitudes to shopping for electricals, Amazon and MediaMarkt, January 2019
                                                                                                                                                                                                                                                        • 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
                                                                                                                                                                                                                                                                          • Figure 95: Italy: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                          • Figure 96: Italy: Household goods specialists’ sales, excl VAT, 2014-18
                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                          • Figure 97: Italy: estimated distribution of spending on electrical/electronic goods by channel, 2018
                                                                                                                                                                                                                                                                        • Companies and brands
                                                                                                                                                                                                                                                                          • Key metrics
                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                              • Figure 98: Italy: Leading electrical retailers’ shares of spending on electricals, 2018
                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                • What they buy
                                                                                                                                                                                                                                                                                  • Figure 99: Italy: electrical products purchased in the last 12 months, January 2019
                                                                                                                                                                                                                                                                                • How they shop
                                                                                                                                                                                                                                                                                  • Figure 100: Italy: how they shop for electricals, in-store and online, January 2019
                                                                                                                                                                                                                                                                                • Where they shop
                                                                                                                                                                                                                                                                                  • Figure 101: Italy: where they shop for electricals, January 2019
                                                                                                                                                                                                                                                                                • Attitudes to shopping for electricals
                                                                                                                                                                                                                                                                                  • Figure 102: Italy: attitudes to shopping for electrical/electronic goods, January 2019
                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                                                                    • What are the opportunities for store-based retailers?
                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                          • Is online retailing of electricals finally taking off in Italy?
                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                • The market - What you need to know
                                                                                                                                                                                                                                                                                                  • Electrical spending growth outstrips the market
                                                                                                                                                                                                                                                                                                    • Specialist retailers likely to have lost share
                                                                                                                                                                                                                                                                                                      • Prices of most electrical goods are falling
                                                                                                                                                                                                                                                                                                        • Specialists still account for the majority of spending on electricals
                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                            • Economy weakening
                                                                                                                                                                                                                                                                                                              • Electrical spending growth outstrips the market
                                                                                                                                                                                                                                                                                                                • Figure 103: Italy: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                • Specialist retailers likely to have lost share
                                                                                                                                                                                                                                                                                                                  • Figure 104: Italy: Household goods specialists, sales, excl VAT, 2014-18
                                                                                                                                                                                                                                                                                                                  • Figure 105: Italy: Household goods specialists, forecast sales, excl VAT, 2019-23
                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                  • Prices of most electrical goods are falling
                                                                                                                                                                                                                                                                                                                    • Figure 106: Italy: Consumer prices, Annual % change, 2014-18
                                                                                                                                                                                                                                                                                                                    • Figure 107: Italy: Consumer price inflation on electrical items, annual % change, July 2017-December 2018
                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                    • Specialists claim the majority of spending on electricals
                                                                                                                                                                                                                                                                                                                      • Figure 108: Italy: estimated distribution of spending on electrical/electronic goods by channel, 2018
                                                                                                                                                                                                                                                                                                                    • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                      • Expert/Unieuro is market leader
                                                                                                                                                                                                                                                                                                                        • Unieuro on strong growth trajectory
                                                                                                                                                                                                                                                                                                                          • Media World struggles to keep pace
                                                                                                                                                                                                                                                                                                                            • Amazon growth outstrips Unieuro
                                                                                                                                                                                                                                                                                                                              • Unieuro overtakes Media World to become biggest chain
                                                                                                                                                                                                                                                                                                                                • Electricals one of the most well-developed sectors of online retailing
                                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                                    • Expert/Unieuro is market leader
                                                                                                                                                                                                                                                                                                                                      • Unieuro on strong growth trajectory
                                                                                                                                                                                                                                                                                                                                        • Media World struggles to keep pace
                                                                                                                                                                                                                                                                                                                                          • Euronics, Trony and Comet
                                                                                                                                                                                                                                                                                                                                            • Amazon growth outstrips Unieuro
                                                                                                                                                                                                                                                                                                                                              • Figure 109: Italy: Leading electrical retailers, sales, 2014-18
                                                                                                                                                                                                                                                                                                                                              • Figure 110: Italy: Leading electrical retailers, outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                              • Figure 111: Italy: Leading electrical retailers, sales per outlet, 2014-18
                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                              • Unieuro overtakes Media World to become biggest chain
                                                                                                                                                                                                                                                                                                                                                • Figure 112: Italy: Leading electrical retailers’ shares of spending on electricals, 2015-18
                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                • Technology ownership
                                                                                                                                                                                                                                                                                                                                                  • Figure 113: Italy: personal ownership of smartphones by gender and age, Q4 2018
                                                                                                                                                                                                                                                                                                                                                  • Figure 114: Italy: Household technology ownership, Q4 2018
                                                                                                                                                                                                                                                                                                                                                • Online activity
                                                                                                                                                                                                                                                                                                                                                  • Figure 115: Italy: online purchasing in the past 12 months compared to other major European economies, 2014-18
                                                                                                                                                                                                                                                                                                                                                • Shopping online
                                                                                                                                                                                                                                                                                                                                                  • Figure 116: Italy: Proportion of people buying electrical items online in the last 12 months, 2009-18
                                                                                                                                                                                                                                                                                                                                                • Online sales
                                                                                                                                                                                                                                                                                                                                                  • Leading online players
                                                                                                                                                                                                                                                                                                                                                      • Figure 117: Italy: Estimated sales of electricals online by leading retailers, 2015-18
                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                      • Mobile phones most popular purchase
                                                                                                                                                                                                                                                                                                                                                        • Trend towards online slowing?
                                                                                                                                                                                                                                                                                                                                                          • Amazon is the most popular place to buy electricals
                                                                                                                                                                                                                                                                                                                                                            • Consumers no longer expect to pay full price and Amazon is their online default
                                                                                                                                                                                                                                                                                                                                                              • What they buy
                                                                                                                                                                                                                                                                                                                                                                • Mobile phones most popular purchase
                                                                                                                                                                                                                                                                                                                                                                  • Figure 118: Italy: electrical products purchased in the last 12 months, January 2019
                                                                                                                                                                                                                                                                                                                                                                  • Figure 119: Italy: electrical products purchased in the last 12 months, by gender, January 2019
                                                                                                                                                                                                                                                                                                                                                                  • Figure 120: Italy: electrical products purchased in the last 12 months, by age, January 2019
                                                                                                                                                                                                                                                                                                                                                                • How they shop – Online and in-store
                                                                                                                                                                                                                                                                                                                                                                  • Trend towards online slowing?
                                                                                                                                                                                                                                                                                                                                                                    • Figure 121: Italy: how they shop for electricals, in-store and online, January 2019
                                                                                                                                                                                                                                                                                                                                                                    • Figure 122: Italy: how they shop for electricals, in-store and online, by gender and age, January 2019
                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                    • Amazon is the most popular place to buy electricals
                                                                                                                                                                                                                                                                                                                                                                      • Figure 123: Italy: where they shop for electricals, January 2019
                                                                                                                                                                                                                                                                                                                                                                      • Figure 124: Italy: where they shop for electricals, by age, January 2019
                                                                                                                                                                                                                                                                                                                                                                    • Channels used by retailers bought from
                                                                                                                                                                                                                                                                                                                                                                      • Figure 125: Italy: where they shop for electricals, by how they shop, January 2019
                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: Italy: where they shop for electricals (leading specialists only), by how they shop, January 2019
                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for electricals
                                                                                                                                                                                                                                                                                                                                                                      • Consumers no longer expect to pay full price and Amazon is their online default
                                                                                                                                                                                                                                                                                                                                                                        • Figure 127: Italy: attitudes to shopping for electrical/electronic goods, January 2019
                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping for electrical products by how they shop
                                                                                                                                                                                                                                                                                                                                                                        • Figure 128: Italy: attitudes to shopping for electrical/electronic goods, by how they shop, January 2019
                                                                                                                                                                                                                                                                                                                                                                      • Attitudes by retailers used
                                                                                                                                                                                                                                                                                                                                                                        • Figure 129: Italy: attitudes to shopping for electrical/electronic goods, by where they shop (Specialists), January 2019
                                                                                                                                                                                                                                                                                                                                                                        • Figure 130: Italy: attitudes to buying electrical/electronic goods, by where they shop (online non-Specialists), January 2019
                                                                                                                                                                                                                                                                                                                                                                      • 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
                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 131: Spain: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Spain: IT and telecoms equipment specialists’ sales, excl VAT, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Spain: estimated distribution of spending on electrical goods by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Spain: Leading electrical retailers’ shares of spending on electricals, 2018
                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                                                                                                                              • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 135: Spain: electrical products bought in the last 12 months, January 2019
                                                                                                                                                                                                                                                                                                                                                                                              • How they shop
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 136: Spain: usage of stores vs online when buying electrical/electronic products, January 2019
                                                                                                                                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Spain: where they shop for electricals, January 2019
                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to shopping for electrical goods
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 138: 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 139: Spain: Consumer spending on electrical items (incl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                            • Sector specialists’ sales are contracting
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: Spain: IT and telecoms specialists, sales excl VAT, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 141: Spain: IT and telecoms specialists, forecast sales excl VAT, 2019-23
                                                                                                                                                                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 142: Spain: Consumer prices, annual % change, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 143: Spain: Consumer price inflation on electrical items (HICP*), annual % change, July 2017-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists still losing share
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: 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 145: Spain: Leading electrical retailers, Sales, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 146: Spain: Leading electrical retailers, Outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 147: Spain: Leading electrical retailers, Sales per outlet, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market becomes less concentrated
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Spain: Leading electrical retailers’ shares of spending on electricals items, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Technology ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 149: Spain: personal ownership of smartphones, by gender and age, Q4 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Spain: Household technology ownership, Q4 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 151: Spain: online purchasing in the past 12 months compared to other major European economies, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 152: Spain: Proportion of people buying electrical items online in the last 12 months, 2009-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 153: Spain: estimated online sales by product category, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: 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 155: Spain: electrical products purchased in the last 12 months, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Men are the main buyers of electrical goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 156: Spain: electrical products purchased in the last 12 months, by gender, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Phone and computer buying peaks among younger age groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 157: 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 158: 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 159: 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 160: Spain: where they shop for electricals, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • MediaMarkt appeal peaks among younger buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 161: Spain: where they shop for electricals, by age, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • How they shop by retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 162: Spain: where they shop for electricals, by channel used, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • MediaMarkt more reliant on in-store only buyers than rivals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 163: 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 164: Spain: attitudes to shopping for electrical/electronic goods, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to shopping for electricals by channel used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Spain: Attitudes to buying electrical/electronic goods, by channel used, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to shopping by retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Spain: Attitudes to buying electrical/electronic goods, by where they shop (Specialists), January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon’s excellence leaves few opportunities for rivals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 167: 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
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spending grows strongly driven by household appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 168: Consumer spending on all electrical products: market size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Real incomes grow but uncertainty remains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 169: Real wage growth: wages growth vs inflation, January 2014-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Specialists have continued to see their share of spending fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 170: Electrical goods specialists sector sales (including VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online-only retailers the main benefactors to specialists’ troubles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 171: Estimated distribution of spending on electrical goods, 2017 and 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dixons Carphone the market leader, but Amazon is gaining share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Over half of spending comes online, and the share continues to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 173: Estimated online share of all consumer spending on electrical goods, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon brand scores high on trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Attitudes towards and usage of selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Three quarters purchased electricals in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 175: Types of electrical products purchased in the past 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More purchased electricals online in the last year than in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 176: How consumers purchased electrical goods, November 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Most online purchases still come through desktops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 177: How consumers purchased electrical goods online, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Specialists just edge out online-only retailers overall, but Amazon is most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 178: Retailers used to purchase electrical goods in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Satisfaction levels are high, but there are concerns for store-based players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 179: Satisfaction with the retailer last used to purchase electrical goods, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In-store service still key despite the shift to online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 180: Attitudes towards in-store service at electrical retailers, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Electricals most purchased category during Black Friday 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 181: Products purchased during Black Friday 2018, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Does Alex Baldock’s future for Dixons stack up?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Is there a ceiling for online penetration in the market?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Real incomes grow but uncertainty remains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spending grows strongly driven by household appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialists have continued to see their share of spending fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online-only retailers the main benefactors to specialists’ troubles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market Drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Collapsing specialist computer and telecoms retail sales value growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 182: Annual % change in all retail sales, electrical household appliance specialists and computers & telecoms equipment specialists, non-seasonally adjusted value series, January 2017-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Electrical household appliances retail sales volume holding steady
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 183: Annual % change in all retail sales, electrical household appliance specialists and computers & telecoms equipment specialists, non-seasonally adjusted volume series, January 2017-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Headline inflation at its lowest level in two years, but electrical prices remain volatile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Price inflation: annual rate of change in core electrical categories, by month, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Household appliances prices up 5.5% in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 185: Price inflation: annual rate of change in core electrical categories, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pay growth outstripping inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 186: Real wage growth: wages growth vs inflation, January 2016-January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Willingness from consumers to take on retail credit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 187: Value of retail store and online credit, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Economic uncertainty impacting the property market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 188: Number of property residential transactions with a value of over £40,000 completed in the UK, July 2017-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Property transactions at their lowest level for five years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 189: Number of property residential transactions with a value of over £40,000 completed in the UK, 2006-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Own outright and private renting both rising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 190: UK households, by tenure, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending on electricals continues to grow in double digits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 191: Consumer spending on all electrical products: market size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 192: Consumer spending on all electrical products: market size and forecast (including VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Segment forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 193: Core electrical goods segments as a percentage of the total market, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Household appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Household appliances: segment size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 195: Household appliances: segment size and forecast (including VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Computing and telecoms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 196: Computing and telecoms goods: segment size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 197: Computing and telecoms goods: segment size and forecast (including VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Audio-visual and photographic goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Audio-visual and photographic goods: segment size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 199: Audio-visual and photographic goods: segment size and forecast (including VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personal care appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 200: Personal care appliances: segment size and forecast (including VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 201: Personal care appliances: segment size and forecast (including VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialist Sector Size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialist share of spending continues to slide
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 202: Electrical goods specialists sector sales (including VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 203: Electrical goods specialist sector sales (including and excluding VAT), 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales peak around Black Friday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 204: Average weekly retail sales in the electrical household appliance specialists and computers and telecommunications specialists categories, October 2017-December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialist sector much reduced over the past decade, but still alive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 205: Electrical specialists enterprise numbers, 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 206: Number of retail outlets, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online-only retailers continue to grow their share of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Estimated distribution of spending on electrical goods, 2017 and 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Consumer – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Three quarters purchased electricals in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More purchased electricals online in the last year than in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Most online purchases still come through desktops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Specialist edge out online-only retailers overall, but Amazon is most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Satisfaction levels are high, but there are concerns for store-based players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store service still key despite the shift to online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Electricals most purchased category during Black Friday 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Electricals Purchased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 208: Types of electrical products purchased in the past 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Changes in purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: Types of electrical products purchased in the past 12 months, November 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Repertoire of products purchased in the last year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 210: Repertoire of products purchased in the past 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online vs In-store Purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online the dominant channel in the purchase of electricals...
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 211: How consumers purchased electrical goods, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ….and this is a trend that is only increasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 212: How consumers purchased electrical goods, November 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunity for physical retailers to better engage with younger consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 213: How consumers purchased electrical goods, by age, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • How They Purchase Electricals Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Most online purchases still come through laptops/desktops…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 214: How consumers purchased electrical goods online, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Younger consumers far more comfortable purchasing electricals via mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 215: How consumers purchased electrical goods online, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most mobile purchases come through websites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 216: How electrical buyers shopped via mobile devices in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailers Used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialists remain the most popular destination overall to buy electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 217: Types of retailers used to purchase electrical goods in-store/online in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • However it is Amazon that comes out on top
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: Retailers used to purchase electrical goods in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • As a group, Dixons Carphone speaks to a wide audience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Average age and socio-economic group of leading electrical retailer’s customer bases, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Currys dominates physical whilst Amazon leads digital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Retailers used to purchase electrical goods in-store in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 221: Retailers used to purchase electrical goods online in the last 12 months, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most shop with a single retailer, irrespective of channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 222: Repertoire of retailers used to purchase electrical goods in the past year, by in-store and online, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Satisfaction with the Retail Experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 95% of buyers at least satisfied with their last shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 223: Satisfaction with the retailer last used to purchase electrical goods, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Concerns exist around key store USPs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 224: Key drivers of overall satisfaction with the retailer used to make the last purchase of electrical/electronic products, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 225: Overall satisfaction with the retailer used to make the last purchase of electrical/electronic products – Key driver output, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Satisfaction levels in general high among the leading players…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 226: Overall satisfaction with the retailer last used to purchase electrical goods, by leading retailer, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Currys performs well in terms of service interaction, but lags on delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 227: Satisfaction levels with aspects of the electrical buying process, by leading retailer, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Impact of Online, Promotions and Service on the Sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store service still crucial despite the shift towards online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 228: Attitudes towards in-store service at electrical retailers, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Younger consumers far more likely to learn about new products via social
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 229: ‘Yes’ responses to attitudes towards in-store service at electrical retailers, by age, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Credit could encourage some to upgrade
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 230: Attitudes towards promotions, guarantees and credit, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Higher earning households more swayed by guarantees and BNPL
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 231: Attitudes towards promotions, guarantees and credit, by household income, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Black Friday 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Two in five purchased items during Black Friday 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 232: Methods of purchasing items during Black Friday 2018, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Purchasing on Black Friday skews younger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 233: Methods of purchasing items during Black Friday 2018, by age, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Electricals most popular overall for purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 234: Products purchased during Black Friday 2018, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 235: Electrical products purchased during Black Friday 2018, by age, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon the dominant player during the event
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 236: Retailers shopped with in-store/online during Black Friday 2018, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Christmas purchasing key during Black Friday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 237: Behaviours of Black Friday shoppers, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading Retailers – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dixons Carphone sales slow…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …whilst Maplin fails
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon continues to grow its electricals sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon the only leading player adding share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Over half of spending comes online, and the share continues to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon brand scores high on trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading Specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dixons Carphone continues to put on growth despite a tough mobiles market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 238: Leading specialist retailers of electrical goods: total net revenues; 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 239: Leading specialists, CAGR of net revenues, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dixons Carphone continues to consolidate its stores following merger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 240: Leading retailers of electrical goods, outlet numbers, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 241: Leading specialist retailers of electrical goods, annual sales per outlet, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pressure on the specialist sector has squeezed margins across the board
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 242: Leading specialist retailers of electrical goods, operating profits, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 243: Leading specialist retailers of electrical goods, operating margins, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales areas and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 244: Leading specialist retailers of electrical goods, estimated sales area, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 245: Leading specialist retailers of electrical goods, sales per square metre, 2014/15-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading Non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon the leading non-specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 246: Leading non-specialists retailers’ estimated sales of electronic goods (excluding VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 247: Leading non-specialist retailers, CAGR in estimated electrical goods sales, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 248: Estimated Amazon and eBay total GTV/GMV electrical sales, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consolidation of Argos stores impacting sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 249: Leading non-specialist retailers of electrical goods, outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market Share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dixons Carphone the market leader, but Amazon is gaining share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 250: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 251: Estimated market shares of the leading specialist and non-specialist retailers of electrical goods, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mobile Phone Specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mobile network connections
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 252: Value of mobile network connections, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 253: Phone payment types, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • EE the single largest network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 254: Mobile network service providers, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Network providers – Key retail metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 255: Estimated store numbers of the big four network providers, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 256: Leading network providers: Financials, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Carphone Warehouse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 257: Dixons Carphone interim 18/19 financial results, by trading segment, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 258: Carphone Warehouse: Key Metrics, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Electricals the only category that over half comes through online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Estimated online sales of electrical goods (Including VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 260: How consumers purchased electrical goods, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon the dominant player online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 261: Leading online retailers’ estimated share of online spending on electrical goods, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space Allocation Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 262: Leading electricals retailers, summary space allocation estimates, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 263: Leading electricals retailers, detailed space allocation estimates, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Electrical departments in non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 264: Non-specialists: estimated electricals space as a percentage of total floor space, January 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail Product Mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 265: UK electricals retailers, space allocation, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: Leading electricals retailers, electrical space, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales density
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 267: Leading electricals retailers, estimated sales densities by broad product area, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales by broad product category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 268: Leading electricals retailers, estimated sales by broad product area, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 269: Leading electrical retailers, estimated market share by broad product area, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Launch Activity and Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Speeding up the checkout process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ‘See before you buy’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 270: Currys PC World Point and Place at the Mintel Offices, February 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Same-day electricals home delivery service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jessops new store format aimed at the selfie generation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising and Marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Total advertising spend down 3.5% year-on-year in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 271: Recorded above-the-line, online display and direct mail total advertising expenditure by UK retail advertisers of electrical products, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • DSG Retail by far and away the sector’s biggest advertising spender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: Leading UK retail advertisers of electrical products: recorded above-the-line, online display and direct mail total advertising expenditure, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • TV attracts the biggest chunk of total sector advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 273: Recorded above-the-line, online display and direct mail total advertising expenditure by UK retail advertisers of electrical products, by media type, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Campaign highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Carphone Warehouse Mowbli campaign reboot
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Currys PC World multi-million-pound ‘Get Your TV For Free’ advertising campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Currys PC World ‘The magic of Christmas, upgraded’ advert
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading advertisers in 2018 by media type
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 274: Leading UK retail advertisers of electrical products: recorded above-the-line, online display and direct mail total advertising expenditure, by media type, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 275: Attitudes towards and usage of selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 276: Key metrics for selected brands, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand attitudes: Amazon and AO.com provide the best online experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 277: Attitudes, by brand, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand personality: multichannel brand Argos very accessible
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 278: Brand personality – Macro image, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis style over substance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 279: Brand personality – Micro image, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon: a brand at the top of its game
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 280: User profile of Amazon, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • AO.com: lower brand awareness and usage compared to rivals, but highly recommended by those that use it
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 281: User profile of ao.com, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Argos: universal brand awareness, but uninspiring and lacks cutting edge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 282: User profile of Argos, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Apple Store: innovative, exclusive and expensive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 283: User profile of Apple Store, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis: stylish and pricey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: User profile of John Lewis, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Currys PC World: accessible and trustworthy, but lacks innovativeness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 285: User profile of Currys PC World, December 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Carphone Warehouse: enjoys strong brand awareness, but ranks lowest in key attitudinal criteria
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 286: User profile of Carphone Warehouse, December 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 – Key Driver Analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 287: Overall satisfaction with the retailer used to make the last purchase of electrical/electronic products – Key driver output, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 288: Satisfaction with the retailer used to make the last purchase of electrical/electronic products, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market size definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialist sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Prime
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marketplace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • And what does that mean for electricals?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 289: Amazon: Sales by activity, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mintel estimates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • GTV vs Consolidated vs Direct sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 290: Amazon Group: Group financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 291: Amazon International: Estimated retail sales performance, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales of electrical goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 292: Amazon Europe: estimated sales of electrical products, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 293: Amazon UK: Estimated sales by product, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • AO World

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New products in audio-visual and computing categories driving sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Scaling up existing proposition with complementary services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New brand campaign delivering encouraging brand awareness metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Developing B2B offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Exploring third-party logistics opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 294: AO World Plc: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Apple Retail (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • iPhone remains crucial to Apple’s performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Growth in new products fast but still too small
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Creating reasons to visit stores through experiences and architecture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 295: Apple Retail (Europe): group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 296: Apple Retail (Europe): outlet data, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 297: Apple Retail UK and Apple Retail Germany: outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Argos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Voice shopping’ service via the Google Assistant platform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ‘See before you buy’ tool to make TV buying easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pay@Browse speeding up the checkout process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Experimenting with pop-up shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 298: Argos: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 299: Argos: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 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 300: Ceconomy: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 301: Ceconomy: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Conrad Electronic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Refocusing stores on experience and learning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Making physical retail more convenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Managing the overlap between trade and consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 302: Conrad Electronic (Germany): Group financial performance, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 303: Conrad Electronic (Germany): Outlet data, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dixons Carphone (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shifting mobile phone strategy in line with consumer demands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New conveniently located phone store proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Making in-store electricals shopping more exciting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Digitalising stores to improve ease of shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Augmented reality shopping to assist decision making
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • In-store digital labelling in the Nordics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Investment in online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Express home delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tackling the problem of e-waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 304: Dixons Carphone: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 305: Dixons Carphone: group sales performance, by new reporting segments, 2016/17-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 306: Dixons Carphone: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-Square

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Members
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 307: E-Square: membership, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 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 308: Euronics International: estimated group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 309: 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 310: Expert Europe: Estimated group financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 311: 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 312: Fnac Darty : Group financial performance, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 313: Fnac Darty : Outlet data, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • HTM Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pursuing expansion on all fronts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Makes about turn on franchising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online also benefits from partnerships
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dangers of fixed expansion targets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 314: HTM Group: Group sales performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 315: HTM Group: Outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering