Gfk: moderate growth is expected in the technical consumer goods market after the record year of 2021
Moderate growth is expected in the technical consumer goods market in 2022 after the record year in 2021 Demand has already slowed down in the first six months of 2022 In the first half of 2022 compared to the same period of the previous year, the value of the global market for technical consumer goods (TCG) decreased by 5.5 percent It dropped to $413 billion.
Looking ahead to the full year of 2022, GfK forecasts a similar decrease in annual turnover. The moderation in growth is due to the record sales achieved in 2021 and indexation against high benchmarks. Despite this, the market value is still above the pre-pandemic levels of 2019. Globally, demand for TCG products slowed in the first six months of 2022 as markets continued to adjust to a macro environment characterized by recurring COVID waves, high inflation, supply chain disruptions and the impact of the war in Ukraine.
Consumer spending has also changed: the growth of IT and household appliances, which were popular at the beginning of the pandemic, started to decline this year compared to the very strong base numbers of 2021. Global sales decreased by minus 5 percent for IT and minus 6 percent for small household appliances. Among the TCG sectors, household appliances, including air conditioners, performed the best, with a drop of only minus 3 percent.
Related news
GfK’s European commercial purchasing power study is now available
The average commercial purchasing power in Europe is 6,517 euros…
Read more >Milk and dairy product alternatives optimised for healthy nutrition
This article is available for reading in Trade magazin 2024/5…
Read more >Domestic ham consumption has decreased
According to recent data published by the Hungarian Meat Association,…
Read more >Related news
Budapest is facing serious tourism growth, especially in the field of conference tourism
The future growth of tourism in Budapest can be double-digit…
Read more >Wienerberger continues to green its production in Hungary by using hydrogen
Wienerberger Zrt., which is considered pioneering and unique in the…
Read more >The global market-leading biogas technology company is also expanding in Hungary
The processing of domestic organic and bio-waste is one of…
Read more >