According to GfK experts, global market for Consumer Technology and Durables is expected to stabilize in 2023, after deceleration in 2022. In a regional comparison, the 2022 picture is thoroughly divergent at present. Looking at the turnover in US dollar terms, the positive lights are mostly coming from Emerging Asia (without China), which stands at +13%.
However, comparing January to October 2022 with the same period last year, some European countries are developing less negatively in local currency than in US dollar terms – for example, Germany, which shows a small growth of +1% in euro terms. This is mainly due to the current strength of the US dollar compared to the euro. However, these unfavorable exchange rates will continue to drive up procurement prices, thus leading either to increased prices for end consumers, to reduced profit margins for retailers and manufacturers selling in Europe or even to both effects.
«We have already predicted that the pandemic-related record sales of 2020 and 2021 would not be sustained and that the global T&D market would stabilize at a certain point – explained Ines Haaga, GfK expert for Consumer Technology and Durables -. However, the turnaround in 2022 was stronger than originally expected, influenced by numerous macroeconomic factors, such as the war in Ukraine, high inflation rates and consumer confidence at record lows. Between January and October 2022, the global T&D market already faced a deceleration of more than 7 percent compared to the same period of the previous year, standing at a total value of 680 billion US dollars. This trend is unlikely to recover in the full-year results for 2022, but the forecasts for 2023 are more promising.»