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UK Electricals Sector Report | Data & Forecasts

December 2024

What's included in this report?

  • Electricals Market Share - top 10 Electricals retailers
  • Electricals Market Size estimates (£m)
  • Electricals Sales Growth by category
  • Total Spending by category (£m)
  • Online Electricals Sales (y-o-y)
  • Forecasts for 2024 - 2028
  • Footfall by channel and region
  • Regional Weather data and more…

UK Electricals Sector Report : December 2024

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Report Summary

Period covered: 25 August – 28 September 2024

3 minute read

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.

 

Electricals sales

Electricals sales rose by xx% YoY in September, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted) against a xx% decline a year ago.

After more than three years of consecutive declines, Electricals turned to growth (+xx% YoY in September). Back-to-school purchases of laptops and accessories, coupled with Apple’s iPhone 16 launch, helped drive a recovery.

Underlying environment

Inflation eased to xx% in September, marking the lowest rate in over three years. This faster-than-expected drop has bolstered confidence that interest rate cuts are on the horizon, with markets expecting a reduction in November. While consumer confidence dipped to -xx, driven by concerns over personal finances and the upcoming Budget, inflation’s decline and the prospect of lower borrowing costs could help restore optimism in the months ahead.

The housing market continues its recovery, with prices rising for the third consecutive month, supported by falling mortgage rates and improving buyer sentiment. This steady growth in the housing sector offers some reassurance as other parts of the economy adjust.

In the labour market, earnings growth has slowed, falling below xx% for the first time in more than two years. However, real wage growth is now outpacing inflation, offering households some respite from the cost of living pressures.

As businesses await clarity on potential National Insurance changes in the upcoming Budget, the outlook remains cautiously optimistic, with improving conditions likely to support a rebound in consumer spending in the near term.

Flexible payment options

Earlier this month Currys revamped its credit offering, now branded as Flexpay, in response to increasing demand for more flexible payment solutions. Previously known as Your Plan, Flexpay allows customers to spread the cost of their purchases through fixed monthly payments or a buy now, pay later option, available both in-store and online.

The service has been extended to cover a wider range of categories, offering customers greater flexibility and clearer visibility of their credit balances across multiple purchases.

This change follows the retailer’s revelation that one in every five pounds spent with them now uses their flexible payment option, surpassing the amount spent via traditional credit cards.

Currys Flexpay, powered by BNP Paribas Personal Finance, provides access to various low-rate and interest-free credit promotions on selected products, making it easier for customers to purchase the latest technology.

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House prices up

Source: Retail Economics, ONS

Latest monthly UK Electricals Sector Report

Report: September 2024 3 minute read Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to ac... read more
Report: August 2024 3 minute read   Electricals sales Electricals sales fell by xx% YoY in July, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted) against a xx% decline a year ago. July's slow... read more
Report: July 2024 3 minute read Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to ac... read more
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Report Contents

UK Electricals Sector Report Report
  • Executive Summary
  • Sector analysis
  • Electricals – Retail Economics Index
  • Macro Factors
  • Consumers
  • Labour market
  • Earnings
  • Costs, Prices and Margins
  • Weather Watch
  • Average Temperature
  • Average sunshine hours
  • Average Rainfall

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About our reports and subscriptions

Retail Economics publishes monthly Retail Reports for the UK Electricals sector giving you actionable insights for your business.

 

It provides in-depth analysis of the latest macroeconomic and consumer trends affecting the UK Electricals sector including market size estimates for: Audio & Visual Electricals, PC and Tablets, Large Household Appliances, Small Household Appliances, Computer Software, Games Consoles, Telephone, Fax, Small Domestic Appliances, Personal Care and more.

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