Considered the main event of the industry, CES in Las Vegas represents the beginning of the year for the technology market, and on the occasion of this fair, GFK has prepared a forecast study for this year 2024. 2023 is expected to be a difficult year for the global T&D Technology and Consumer Durables market due to continuous inflation and saturation caused by the pandemic. This situation has been exacerbated by political tensions and war conflicts, as well as ongoing global consumer distrust and reluctance to spend. As a result, the global T&D market is expected to close 2023 with a -3 percent decrease compared to 2022,” he explains. Ines HaagaGfK Insights Consumer Technology and Durables specialist.

Revenues for 2023 look slightly negative, but are still above pre-pandemic levels in 2019. This is mainly due to the IT and Small Appliances sectors, which performed well above 2019 revenues with increases of 16% and 21%. , respectively. The decline continued in the Consumer Electronics segment.

Development of demand

According to global research GfK Consumer LifePrice was an important factor in consumers’ purchasing decisions in 2023.

In addition to these price-conscious consumers, higher-income and more crisis-resistant buyers have also been important to the market. This, premium products continued to be above average Last year the market’s demand for household appliances with life-saving functions, such as wet and dry vacuum cleaners, was particularly strong; this demand increased by 2% year-on-year in the first ten months of 2023, while overall sales of vacuum cleaners fell by -2%. . Products that adapt to specific lifestyles, such as hot air fryers for healthier cooking, also achieved better results; this increased by more than +42% compared to 38% for fryers. The same behavior has been noted with Bluetooth keyboards, which helps in having a more organized home office; keyboards saw growth of more than +17% compared to +2%.

Predictions for this year

“After two years of decline, we expect the global T&D market to be positive again, albeit on a smaller scale, in 2024,” Haaga predicts, and in this scenario, the following trends and developments are expected to support growth in 2024:

Almost four years after the pandemic, substitution cycles will be enabled, especially for the fastest-growing categories such as: smartphones and laptops. For this reason, the Telecom sector is expected to experience growth in 2024 due to new purchases. It is also predicted that the trend towards premium devices will continue.

Analysis of long-term sales shows that more televisions are sold on the eve of major sporting events. As a result, the 2024 Olympic Games and the European Football Championship will have a positive impact on the Consumer Electronics category.

Inflation is expected to continue falling in 2024, boosting consumer confidence around the world. However, interest rates will remain high, creating a barrier to investment for both consumers and businesses.

“Price will continue to be an important purchasing factor for consumers in 2024,” Haaga said. “The results of major promotional activities in 2023 show that offers continue to drive sales. But competing on price alone is a challenge. Our advice to sellers and manufacturers is to ensure they focus their brand value on consumers and focus on features that offer good value for money.”