Established has maintained a strong partnership with GFK for years to gather critical market data. However, it’s important to note that GFK reports do not cover North America.
The Tech & Durables market underwent significant changes in Q2 2024, driven by negative pricing pressures and aggressive promotions.
While value performance struggled, volume showed resilience, fueled by shifting consumer behavior amid the ongoing cost-of-living crisis. This crisis dramatically impacted purchasing patterns, with consumers increasingly opting for lower-priced options, resulting in a noticeable decline in average selling prices (ASP).
Strong regional divergence marked the Tech & Durables market. Eastern Europe stood out, driven by positive currency impacts and significant improvement compared to previous baselines. Meanwhile, Middle East/Africa continued to outperform the broader market.
Sporting events were a key catalyst for growth in Consumer Electronics across nearly all Western European countries.
In Eastern Europe, the strength of the Polish currency against the USD provided a positive boost. Notably, Romania and Ukraine returned to growth, exceeding baseline expectations.
Growth in the Middle East, Turkey, and Africa moderated compared to Q2 2023, with IT outperforming all other sectors in the region, despite geopolitical tensions continuing to loom.
In APAC (excluding China), the absence of a strong economic recovery combined with saturation slowed demand. Despite these challenges, India remained a standout performer, surpassing regional trends.
In South America, home appliances were the key driver of positive momentum. Heat waves spurred demand for essential cooling products such as fans, refrigerators, freezers, and air conditioners, particularly in countries close to the equator.