The VAT hike hurt IT&C market sales in the third quarterdespite the Euro 200 governmental scheme through which the stategranted low-income school children 200 euros to buy a PC, whichgave retailers a boost, shows a report by GfK research company onthe domestic electronics and IT&C products market.
Thus, IT product sales dropped by 8.4% in the July-Septemberperiod compared with a year ago. The Euro 200 scheme encouragedconsumers to focus on IT products, especially during the summerholidays, but the VAT hike fallout brought some lower-than-expectedsales, shows the GfK report.
Overall, the domestic durables market in the third quarter shrankby 11% to 305m euros, from 343m euros in the same period of 2009.Compared with the second quarter of this year, though, the marketadvanced by 14.6% despite the VAT increase and the rough economicenvironment.
Out of all the sectors analysed by GfK, only the photo and consumerelectronics sectors rose by 9% and 0.1%, respectively, with thelatter category being strongly influenced by TV set sales.
"Given the current situation, should the consumer electronicsmarket continue its stable trend in fourth quarter, then TV setswill once again be the ones to save the day," reads the GfKsurvey.
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