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Electrical Goods Retailing - Spain - February 2018

OVERVIEW
What you need to know
Areas covered in this report
EXECUTIVE SUMMARY
The market
Spending and inflation
Figure 1: Spain: consumer spending on electrical items (incl. VAT), 2012-17
Sector size and forecast
Figure 2: Spain: electrical specialists, sales (excl. VAT), 2012-17
Channels of distribution
Figure 3: Spain: estimated distribution of spending on electrical goods, 2017
Companies and brands
Key metrics
Market shares
Figure 4: Spain: leading specialist electrical retailers’ shares of all spending on electricals items, 2017
Online
The consumer
What they buy
Figure 5: Figure 6: Spain: electrical products purchased, December 2017
How they shop – Online and in-store
Figure 7: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
Where they shop
Figure 8: Spain: where they shop for electricals, whether in-store or online, December 2017
Attitudes to buying electrical/electronic products
Figure 9: Spain: attitudes to buying electrical/electronic goods, December 2017
Figure 10: Spain: attitudes to buying electrical/electronic goods, December 2017
What we think
ISSUES AND INSIGHTS
Retailers need to do more to enhance appeal of online electrical purchasing
The facts
The implications
Tech rental option
The facts
The implications
THE MARKET – WHAT YOU NEED TO KNOW
Consumer spend on electricals up an estimated 5% y-o-y in 2017
Electrical specialist retailers’ sales up in 2017
Prices continue to fall across electricals
Specialist electrical retailers continue to lose share
CONSUMER SPENDING 
Economy
Spending
Figure 11: Spain: consumer spending on electrical items (incl. VAT), 2013-17
PRODUCT MARKET BREAKDOWN
Figure 12: Spain: main electricals markets, volume sales, 2013-17
SECTOR SIZE AND FORECAST
Sector specialists’ sales forecast to fall
Figure 13: Spain: electricals specialists, sales, excl. VAT, 2012-17
Figure 14: Spain: Electricals specialists, forecast sales, excl. VAT, 2017-22
INFLATION
Figure 15: Spain: consumer prices, annual % change, 2013-17
Figure 16: Spain: consumer prices inflation on electrical items, annual % change, July 2016-December 2017
CHANNELS OF DISTRIBUTION
Specialists continue to lose share
Figure 17: Spain: estimated distribution of spending on electrical goods, 2017
COMPANIES AND BRANDS – WHAT YOU NEED TO KNOW
MediaMarkt holds dominance
Fnac sales boosted by extended product offering
Worten by far and away the best performing specialist in 2017
Specialist chains hold station, while independents take a hit
Electrical specialists accounted for 15% of all online sales in 2016
LEADING PLAYERS
MediaMarkt outperforms sector sales growth in 2017
Fnac extends its store and web offer with home appliances
Worten puts in the best performance in 2017
Figure 18: Spain: leading specialist electrical retailers, sales, 2013-17
Figure 19: Spain: leading specialist electrical retailers, outlets, 2013-17
Figure 20: Spain: leading specialist electrical retailers, estimated sales per outlet, 2013-17
MARKET SHARES
Figure 21: Spain: leading specialist electrical retailers’ shares of spending on electricals items, 2013-17
ONLINE
Online activity
Broadband penetration lags EU average but is growing
Technology ownership in Spain is relatively well developed
Figure 22: Spain: technology products personally owned, Q3 2017
Figure 23: Spain: ways in which internet was accessed in the last three months, Q3 2017
Shopping online
Figure 24: Spain: online buyers in last 12 months, by country, 2013-17
Figure 25: Spain: online buyers of electrical items in last 12 months, 2013-17
Online sales
In-store vs online
Figure 26: Spain: how they shop for electrical products, in-store vs online, December 2017
Leading online players
Figure 27: Spain: online-only retailers electrical goods bought from, December 2017
THE CONSUMER – WHAT YOU NEED TO KNOW
85% of men and 83% of women bought electrical products in 2017
16-24 year olds the biggest purchasers of electrical products
70% of Spanish consumers shop in-store for electrical products
Men more likely to shop online than women
German-owned specialist MediaMarkt is the most popular retailer
Over half of all consumers do not trust retailer’s pricing
WHAT THEY BOUGHT
84% bought electrical goods in the last year
Figure 28: Spain: electrical products purchased, December 2017
Men the biggest purchasers of electrical goods
Figure 29: Spain: electrical products purchased, by gender, December 2017
Young consumers the biggest purchasers of electrical products
Figure 30: Spain: electrical products purchased, by age, December 2017
HOW THEY SHOP – ONLINE AND IN-STORE
Buying in a store is most popular
Figure 31: Spain: usage of stores vs online when buying electrical/electronic products, December 2017
Men more likely to shop online than women
Figure 32: Spain: usage of stores vs online when buying electrical/electronic products, by gender, December 2017
Older consumers most likely to buy in-store
Figure 33: Spain: how they shop for electricals, in-store vs online, by age, December 2017
WHERE THEY SHOP
Store-based specialists dominate
MediaMarkt the most popular retailer
Non-specialists favoured over most specialists
Amazon the single most-used non-specialist retailer
Figure 34: Spain: where they shop for electricals, whether in-store or online, December 2017
Younger consumers more likely to shop at a store-based specialist
Figure 35: Spain: where they shop for electricals, whether in-store or online, by age, December 2017
Figure 36: Spain: where consumers shop for electricals by product purchased, December 2017
Figure 37: Spain: where consumers shop for electricals, by channel used, December 2017
ATTITUDES TO BUYING ELECTRICAL/ELECTRONIC PRODUCTS
71% prepared to wait for lower pricing
Repairing rather than buying when money is tight
Price transparency an issue
A quarter of consumers are hungry for the latest technology whatever the price
Figure 38: Spain: attitudes to buying electrical/electronic goods, December 2017
APPENDIX – DATA SOURCES, ABBREVIATIONS AND SUPPORTING INFORMATION
Abbreviations
Data sources
AMAZON.COM INC
What we think
Where next?
Geographical expansion
Prime
Marketplace
AWS
Profitability
Where next?
Company background
Company performance
Published sales and total sales volumes
Figure 39: Amazon: sales breakdown, by source of income, 2015-17
Figure 40: Amazon: sales breakdown, by source of income, 2017
Gross transaction revenue (GTV)
Figure 41: Amazon: estimated group gross transaction revenue, 2015-17
GTV by country
Figure 42: Amazon.com Inc: group financial performance, 2013-17
Sales of electricals
Figure 43: Amazon Europe: estimated sales of electrical goods, 2015-17
Retail offering
APPLE RETAIL UK
What we think
The human face of Apple Inc.
Stores becoming larger and more informal…
…as well as more experiential
Where next?
Company background
Company performance
Figure 44: Apple Retail UK: group financial performance, 2012/13-2016/17
Figure 45: Apple Retail UK: outlet data, 2012/13-2016/17
Figure 46: Apple Retail: European stores, 2014-18
Retail offering
CECONOMY (MEDIAMARKT/SATURN)
What we think
Fnac Darty deal strengthens Ceconomy’s position
Expanded online range and flexible delivery options
Focusing on services and solutions rather than just products
Less queuing thanks to digital payment solution
New store concepts to draw customers in
Enhanced loyalty cards winning new members
Company background
Company performance
Figure 47: Ceconomy: group financial performance, 2012/13-2016/17
Figure 48: Ceconomy: outlet data, 2012/13-2016/17
Retail offering
E-SQUARE
Company background
Key figures
Members
Figure 49: E-Square: membership, 2017
EURONICS INTERNATIONAL
What we think
New store concepts dedicated to helping consumers make the right mobile choice
Ditching the tech jargon
Focusing on VR and smart home solutions
A more dynamic in-store shopping experience
Selling fitted kitchens, a potential new revenue earner for UK stores
Company background
Company performance
Figure 50: Euronics International: estimated group financial performance, 2012-16
Figure 51: Euronics International: estimated outlet data, 2012-16
Retail offering
EXPERT EUROPE
What we think
Lack of transactional website is hurting Expert in some countries
‘We are the experts’ positioning hard to maintain
Company background
Company performance
Figure 52: Expert Europe: group sales performance, 2013-17
Figure 53: Expert Europe: outlet data, 2013-17
Retail offering
FNAC DARTY 
What we think
Shop-in-shop cross-selling opportunities
Compelling online offering
Integration brings enhanced delivery options
More dynamic in-store experience
Purchasing alliance with Carrefour could lower prices in France
Company background
Company performance
Figure 54: Fnac Darty : pro forma group financial performance, 2015-17
Figure 55: Fnac Darty: store network, pro forma, 2015-17
Retail offering

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