UK Electricals Sector Report summary
July 2024
Period covered: 26 May – 29 June 2024
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Electricals sales
Electricals sales fell by xx% YoY in June, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted) against a xx% decline a year ago – its best performance since December 2022.
England's success in the Euro 2024 had a noticeable impact on retail sales and supported spending on home entertainment systems, boosting sales of large-screen TVs and audio equipment.
Nearly a xx (xx%) of consumers reported spending more on food and drink due to the Euro 2024 football tournament while xx% spent more on Electricals (Retail Economics Consumer Panel).
Elsewhere, continued strong demand for tech also supported computing sales, as consumers upgraded products bought during the pandemic.
Social Commerce is a £16bn opportunity
The social commerce industry in the UK is predicted to more than double over the next five years, rising from £7.3 billion to almost £16 billion by 2028 according to new research from Retail Economics, in partnership with TikTok. Social commerce’s rate of growth is four times the rate of overall e-commerce sales.
The research found that more than xx(xx%) of UK users have made a purchase directly through social media, either by clicking a link on shoppable content, or checking out directly within an app. This rises to almost xx (xx%) for those under 45, with one in xx (xx%) of Millennials purchasing on social media at least once a month.
TikTok users lead the way in social commerce conversion rates, with xx% having made a purchase directly on TikTok, and one in xx purchasing on the platform at least once a month
Beauty and wellness is the most popular category for social commerce, followed closely by apparel. However, Electricals lags behind, with xx% of shoppers having purchased electronics and technology via a social platform despite having a high online penetration rate.
This is perhaps not surprising given that electricals and technology products often involve significant investment and require careful consideration, with shoppers tending to research extensively. This behaviour doesn't align well with the impulsive nature of social commerce. Products are also often complex and require a certain level of expertise to understand fully, which consumers may feel can't be adequately provided on social platforms.
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Top social commerce categories
Source: Retail Economics, TikTok
