We continue to maintain a positive outlook for the US/Consumer Electronics/Q2 2018 market. We expect the market to reach avalue of USD206.8bn in 2018, reaching USD211.8bn in 2022. High device penetration rates, strong demand for the latest devicesand short replacement cycles make the US a lucrative for vendors - but high penetration also results in diminished growthopportunities in key markets such as tablets and smartphones, particularly when compared with emerging markets. Furthermore,over the medium term we believe questions still remain about the sustainability of consumption in the absence of strong wagegrowth and the fact that most sales will be upgrades rather than new customers.
TABLE OF CONTENTSUnited States - Q2 2018