Gfk: moderate growth is expected in the technical consumer goods market after the record year of 2021

By: Trademagazin Date: 2022. 09. 02. 10:33

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.

GfK

Tags: GFK