Chile Consumer Electronics Report Q4 2013 - New Market Report

Chilean sales of consumer electronics devices are forecast to grow 7% in 2013, with many of the trends that drove stronger consumer electronics spending in H212 expected to continue in 2013. In 2012, we estimate real private consumption growth fell from 8.8% the previous year to 6.2%, and expect this trend to continue, but consumer electronics devices like tablets and smartphones should remain relatively buoyant. Banks are increasingly willing to extend credit and the unemployment rate remains low, contributing to our overall growth outlook for spending on consumer electronics devices such as PCs, flatpanel TV sets and smartphones A significant slowdown in external demand could have an effect on household spending, but the fundamentals of low household penetration of many digital devices, plus growing affordability, should keep the consumer electronics market on an upward trajectory.

Headline Expenditure Projections

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Computer sales: US$1.6bn in 2012 to US$1.8bn in 2013, +7% in US dollar terms. Forecast in US dollar terms unchanged, but Windows 8 should provide a boost to hardware upgrades.

AV sales: US$1.4bn in 2012 to US$1.5bn in 2013, +6% in US dollar terms. Forecast in US dollar terms unchanged, with flat-panel TV sets expected to provide the most dynamic development.

Handset sales: US$376mn in 2012 to US$414mn in 2013, +10% in US dollar terms. Forecast in US dollar terms unchanged, with smartphones the main revenue growth driver.

Risk/Reward Ratings

Chile's score was 53.8 out of 100.0 and it remains in third place in the Americas region behind USA and Brazil by virtue of its smaller market. BMI expects rising penetration of consumer electronics devices such as smartphones and flat-screen TV sets.

Key Trends & Developments

* Android has grown to become the dominant smartphone operating system in Chile, ahead of Apple's iOS and Windows Phone.
* The main long-term drivers of growth in the PC segment are lower prices and greater affordability. Vendors will focus increasingly on lower income groups and tier-2 cities, where the fastest growth opportunities exist. This has necessitated developing relationships with a distinct group of retailers which have a strong footprint in this market.
* In 2013 there should be solid growth in the Chilean AV device market. Government social programmes and rising household incomes are expected to fuel demand for consumer durables such as TV sets. The approval by Chile's upper house of parliament of a digital TV bill, would boost the country's migration to digital broadcasting. Regulator Subtel continues to implement its TVD Chile digital broadcasting plan and Q412 saw the launch of digital broadcasting in the country's southern Magallanes region.

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