TCG dropped of 8.4% in Italy in the first “Coronavirus week”

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The fear related to the spread of coronavirus in Italy is already having the first effects on the Technology market: from 17 to 23 February 2020 GfK recorded a drop of the sales value of 8.4% compared to the average of the previous four weeks. A big impact if we think that the week only includes the first few days of the coronavirus spread.
The negative trend is particularly evident in traditional stores (-8.9% in value) but on-line sales (-6.1%) were also impacted.
The Technical Superstores (large stores specialized in Consumer Electronics) show a trend of – 8.4%, in line with the general drop in the market.
Not all Italian regions have suffered the coronavirus effect on consumption in the same way: GfK data saw a particularly negative trend in Lombardy (-10%) and in the North East (-12.4%), areas where the largest number of cases were recorded and the first restrictions to limit contagion opportunities have been introduced.
The most affected products by the drop in sales were dryers (-31.4%), air conditioners (-27.4%), single-function printers (-27%), vacuum cleaners (-24.1), printers. Multifunction (-17.7%) and Espresso coffee machines (-17.4%). The most important product in terms of turnover, smartphone, recorded a decrease of -6.7%, while televisions recorded a -10.2%.
The same trend has already been seen in China, the first country affected by the new SARS-CoV-2 coronavirus and the impacts on the economy are already evident: for the first half of 2020, GfK expects a decrease in the consumer technology market of -18%.

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