Just Published: "Home Audio and Cinema in Venezuela"

A lack of foreign currency continued to have a negative impact on home audio and cinema in Venezuela in 2015 as these products are imported. The average unit price of this type of product witnessed high growth in 2015 of 68% in current value terms. In the absence of official foreign currency, several importers resorted to parallel supply when purchasing raw materials or finished products. Furthermore, delays in the import process limited the re-supply of inventories, thus affecting the availability of products. According to a leading category player, CENCOEX has reduced the number of approvals for foreign currency since 2013 and MILCO (the Ministry of Industry and Trade) reduced the approval levels of certified non-production in the country, which is needed to obtain foreign exchange. This situation led to higher prices as importers had to purchase dollars on the black market to try to meet demand, doubling prices for their products in Venezuelan retail outlets.

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Competitive Landscape

In general all brands of home audio and cinema suffered declining sales in 2015 due to the import restrictions and lack of foreign currency. The leader of the category has been Genius KYE System Corp with a 36% overall volume share in 2015 thanks to sales of small speakers with power at low price, which can be connected to laptops, portable media players and smartphones. Coby electronic Corp maintained the second place with 28% of volume sales. Panasonic de Venezuela ranked third with a 12% of volume sales, thanks to participating in two public auctions to obtain preferential foreign currency to import products at the end of 2014 and first quarter of 2015. Samsung was in fourth place with an overall volume share of 8% in home audio and cinema.

Industry Prospects

A limited ability to guarantee product availability is expected to be the main negative influence on growth and innovation in home audio and cinema over the forecast period. Most players are expected to focus their efforts on dealing with the complex and changing regulations, instead of the introduction of new products or operational expansion. Price controls in consumer electronics are expected to continue and the lack of foreign currency is not expected to be resolved in the short term. Retailers are expected to therefore have to balance their pricing with these two trends in mind.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Home Audio and Cinema industry in Venezuela with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

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