According to GfK, demand of Consumer Tech & Durables (T&D) is starting to recover and 2024, played wisely, presents opportunity for a wide-spread return to positive growth. «Many shoppers – the company experts explains – are delaying their T&D purchases until they see an attractive price deal or inspirational product innovation. Until then, they are taking lower-cost options, such as buying product accessories, rather than replacing the product itself. Black Friday 2023 is likely to see discounts at levels beyond prior years, due to consumers holding their purchases for these events and retailers wishing to clear higher-than-average levels of old stock».
GfK also predicts four markets drivers for 2024: “Product lifetime costs”, “Making life easier”, “Individualism and tailored experience”, “Environment and sustainability”. Regarding the first driver, the company explains that «alongside a product’s price, shoppers are also considering the operational costs across its full lifetime – it’s durability, repairability, energy use – together with its green credentials. The crucial question for manufacturers and retailers is: which factor takes the lead for consumers when buying specific types of products».
“Making life easier” is a frequent people request. So robotic, multifunctional, smart, and cordless products still outperform the category average this year. «Further opportunities – GfK says – lie in smart functionality that includes AI that will automatically change appliance settings to save energy, based on the individual user’s lifestyle».
