2012 current value growth was similar but lower than the review period CAGR in the Italy luxury electronic gadgets market. Sales of luxury electronic gadgets were driven by luxury mobile phones. This latter had to face increasing competition from smartphones, which offer the same functions as luxury mobile phones. Additionally, retail prices remained important in the decision-making processes when purchasing, as in 2012 consumers tended to buy products that offered good value for money.
The only brand available within luxury MP3 players in Italy was Bang & Olufsen. This company had to face strong competition from Apple due to the success of its iPod. Strong, innovative and creative TV commercials strengthened the presence of Apple in Italy, negatively impacting on the performance of luxury MP3 players in 2012. Additionally, more accessible retail prices represented growth drivers for Apple, hence the discontinuation of luxury MP3 players in Italy in 2011.
Total sales of luxury electronic gadgets will be driven by the performance of luxury mobile phones in Italy over the forecast period. Thus, luxury mobile phones are predicted to see a positive CAGR of just over 1% over the forecast period. Such a performance should be driven by product innovation in terms of both design and function, but possible price decreases should boost sales of luxury mobile phones in Italy over the forecast period.
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