Sales of electronic gadgetry in the United States has seen year on year growth of 4.8 per cent, despite an impending recession.This is in stark contrast to other industries. The clothing industry grew by a meagre 0.9 per cent while the furniture market shrank by five per cent.
The release of the $300 iPhone 3G had customers queuing round the block, despite the supposed cash-shortage for consumers.
Additionally the low-cost customers of Wal-Mart were making electronic purchases, with the retailer reporting strong sales of flat screens, while its Sam’s Club subsidiary has been offering a “staycation bundle” featuring a 46-inch television and accessories for less than $2000.
Another retailer that is taking advantage of the apparent shrinkage is Amazon, which is urging customers to skip their holidays and spend money on electronics instead.
Meanwhile, computer games retailer GameStop is predicting year on year sales growth of 12 to 14 per cent.
However, Stephen Baker of market analyst NPD Group, advises caution: “For the electronics business, sales growth under five per cent is cause for distress.”
Link: FT
Advertisement
Related Stories
- Lenovo net profits soar by 73% May 23rd 2012 at 10:55AM
- iPad boosts April online sales to strongest in 18 months May 22nd 2012 at 10:53AM
- The Hut Group sees 70 per cent growth Feb 10th 2012 at 4:49PM
- Apple ordered to cease iPhone and iPad sales in Germany Feb 3rd 2012 at 3:05PM
- The US and China are responsible for 40 per cent of global hacks Feb 2nd 2012 at 6:37AM
- Kindle Fire sales estimated at two million Dec 2nd 2011 at 1:14PM
- US moves to scrap overtime for IT workers Dec 2nd 2011 at 12:14PM
- iPhone 4S October sales surge Nov 29th 2011 at 6:46AM
