Entertainment during the quarantine. Analysis of the consumer electronics’ prices.
- 22 May 2020
In our recent article, we discussed the prices of products designed to help remote work during the pandemic. The universal quarantine, however, has also contributed to the popularity of entertainment products. Stuck in their own homes, consumers were buying products that could help them pass the time in lockdown and enjoy their hobbies, learn new skills or perform the necessary body care routines, such as shaving or getting their hair cut, at home. Let’s then look at the sales of consumer electronics products during the pandemic.
Video game consoles – prices during the pandemic
The prices of video game consoles, e.g. the Microsoft Xbox One S 1TB model, increased when the restrictions were put in effect. After several weeks, however, stores decided to launch promotional campaigns, and further sellers soon followed, temporarily reducing prices on the entire market. In May, however, as the restrictions were alleviated, the prices started returning to normal, and they even increased by EUR 67 (PLN 300).
In the case of the more expensive SONY PS4 console, a premium product, the prices were not as flexible. In May, however, promotional campaigns have begun. This means that now is a good time to buy this console if you have been planning on doing it.
Gaming accessories – premium brands
In the case of more expensive brands, such as Corsair or Creative, the demand and prices were slightly higher. Consequently, large and frequent price variations could be observed on the market, much greater than before the pandemic. We have shown several examples in the charts below to illustrate the sales of gaming keyboards, mice and headsets.
Gaming accessories – other brands
Price variations were not as frequent with more affordable brands, but there was also a noticeable price increase during the lockdown – the prices rose by as much as 25%.
An interesting example is the FURY WARRIOR mouse. When this product ran out of stock at some stores, its prices in other stores went up. Such a quick response to the prices or sell-outs of the competition could only be possible thanks to the Dynamic Pricing tool offered for example by the Dealavo platform. It enabled the stores to quickly react to any out-of-stocks and adjust their prices on an ongoing basis.
Shavers – prices during the pandemic
Other products that grew in demand due to the coronavirus are the goods the consumers were forced to use due to the lockdown, e.g. men’s shavers. In their case, the higher demand caused significant price variations without any discernible rising or falling trend. The prices of these products were very stable last year. Since February 2020, however, there have been significant price discrepancies resulting from a large number of special offers provided by the stores that fought for the consumer’s attention.
In the case of the following premium shaver, the difference between the least expensive and the most expensive offer in the middle of March was PLN 500 (EUR 110). Now, as the hairdressers’ and barber shops opened, the discrepancies are smaller, and the variations are not as frequent.
A similar situation could be observed in the case of mid-priced products.
Although the prices are now beginning to stabilise after the pandemic, this does not, unfortunately, mean that the discrepancies will not return. Price monitoring will be critical to the brands and stores whose prices have seen a rapid increase. This way, they will be able to detect all price decreases, which may still be significant and may reach levels below the SRP. If you are wondering how to successfully monitor prices, contact Dealavo – we will offer you the right solution to help you acquire the market data you need.