Global Consumer Electronics market under pressure
Aug. 29, 2023 | By GFK
In the run-up to IFA, one of the leading global events for Consumer Tech and Durables (T&D), GfK expert, Jan Lorbach, reveals the latest findings, developments, and trends impacting Consumer Electronics (CE).
“We had already predicted saturation in 2023, following record sales during the pandemic, and the market was additionally hit by high inflation and the resulting squeeze on consumer budgets,” explains Jan Lorbach, GfK expert for Consumer Electronics. “Consumers are currently focusing their reduced disposable income on travel and leisure activities rather than tech. The industry's hopes have remained pinned on the economic recovery in China, but this has not yet delivered the desired positive impact. In this low-demand landscape, it becomes even more important for retailers and manufacturers to understand their consumers' preferences at a granular level, to attract as much shopper spend as possible.”