Update Germany readies for innovative IFA -
Germany readies for innovative IFA
GfK’s latest TEMAX (electrical appliances) study for Germany shows that consumers in the market seem unaffected by the credit crunch. Industry experts are anticipating further dynamic growth triggered by innovative products on show at the IFA International Consumer Electronics trade fair, taking place in Berlin from Aug 29 to Sept 3.
After a very successful start to 2008, the German electrical appliances market sustained its strong growth in the second quarter with a rise of 5.2% on Q2 2007. In the wake of the Euro 2008 football championship, consumer electronics recorded the strongest growth, with LCD TVs doing particularly well.
Indeed, GfK says that sales of LCD TVs “boomed” in the build-up to this year’s Euro 2008 soccer-fest. The consumer electronics market recorded the strongest growth in the second quarter of 2008 with sales growth of 19.2% to total €2.3 billion.
“This growth is chiefly attributable to sales of LCD TVs, a sub-market which has grown by almost two thirds in value on the prior year and makes up almost half of all sales within the consumer electronics market. The particularly strong growth in the second quarter is by large accounted for by the Euro 2008 football championship. The assumption is that the upward trend will continue, as the market has yet to reach saturation point. Many consumers are only now starting to switch to LCD TVs, which are proving to be the engine of growth in the market. This is particularly the case with models of screensizes 37” and bigger,” says GfK.