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UK Electricals Sector Report | Data & Forecasts

May 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 : May 2024

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Report Summary

Period covered: 25 February – 30 March 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 fell by xx% YoY in March, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted) against a xx% decline a year ago – little changed from last month.

The sector has been in decline for almost three years following pandemic-induced demand, which pulled forward spending on the category at rates that have proved hard to replicate as office working recovers.

Structural challenges including longer replacement cycles and lack of innovation are ultimately seeing consumers hold onto devices for longer.

But in a year with multiple sporting events taking place, including the Olympics and Euro 2024, there is reason for electrical retailers to be cautiously optimistic.

 

 

 

Improving economic backdrop

Retail Economics forecasts Electricals sales to return to growth in 2024, rising xx% YoY, with total annual sales set to register £xx. This follows a sales decline of xx% in 2023.

Electricals is a price-sensitive sector, with cost-of-living pressures causing many shoppers to cut back on discretionary purchases, given high interest rates and fragile consumer confidence.

Demand was also pulled forward during the pandemic, driven by increased working from home,

However, as inflation continues to head lower and personal finances gradually improve, demand for Electricals should pick up in xx.

Major sporting events such as the Paris Olympics and Euro 2024 also presents strong sales opportunities (e.g. TVs, audio systems) for Electricals.

Electricals has the highest online penetration rate of any retail sector, projected at xx% of total sales in 2024.

Over a xxxx horizon (2024-2028), Retail Economics forecasts Electricals sales to rise by a compound annual growth rate (CAGR) of xx%, reaching total annual sales of £xx by the end of this period.

 

 

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Electricals YoY growth

Source: ONS

Latest monthly UK Electricals Sector Report

Report: March 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 me... read more
Report: February 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 me... read more
Report: January 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 me... 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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