Experience and simplification, the key words for successful products also this year

Courtesy LG Electronics

The trends we saw starting the last year are, will go on to drive the household appliances growth this year too. Two continue to be the very fundamental factors that people want: an emotional experience and a simplification of daily life.
GfK data show it very well, underlining the growing demand for OLED TV (+19 percent value growth), gaming notebooks (+15 percent value growth) and cordless handstick vacuum cleaners (+23 percent value growth). Smartphones with screen sizes of at least 6” accounted for 73 percent of the generated sales in the first nine months of 2019 and rear cameras with more than 20MP captured 26 percent value share. “This emphasizes – GfK experts explain – the importance of features that deliver benefits, but also of the transformation of benefits into experiences such as messaging rich content, taking and sharing photos and videos, and watching videos. Consumers are also willing to spend more on products that make their life easier, with 46 percent of the global respondents agreeing (GfK Consumer Life 2019).” This is reflected in the robust growth of robot vacuum cleaner (+18 percent value growth) as a time and effort-saving solution, as well as wash-dryers (+29 percent in value terms), which combine the benefits of a washing machine and a tumble dryer in one. Smartwatches are another example of a strongly growing category (+48 percent in value terms), which combines functionality and simplification to deliver better experiences.
“The desire for rich experiences – GfK experts also add – is set to continue with consumers being more informed, more digital and more concerned. At the same time, they feel empowered to decide for the most appealing products. Consumers are also ready to spend when they are convinced that products meet their needs, provide them with benefits, and ultimately deliver the experience they expected.”