2024 – Recovery of the Global T&D Markets

The year 2024 marked a significant turning point for the technology and durable goods industry (T&D). After several years of declining sales, the industry recorded modest but promising revenue growth of 1.4% – a clear contrast to the declines of 8% in 2022 and 2% in 2023.

This growth should be understood in two parts: In emerging markets such as India, market demand is growing faster due to rapid urbanization, the rising middle class, and a younger, more tech-savvy population, and the share of first-time purchases is higher. In these regions, access to technology is continuously improving, leading to an increase in sales figures. By contrast, developed markets remain in a phase of saturation and post-pandemic adjustment. Revenue in these regions declined by 1% ^[1], but a qualitative shift in consumer behavior is emerging there: consumers value fewer but higher-quality purchases that reflect a more conscious and sustainable lifestyle.

Globally, 30% of consumers in 2025 say they assess their household finances as better compared with the previous year, while 32% see a deterioration – an almost balanced sentiment.

However, the global picture is nuanced: In emerging markets such as Indonesia, consumer sentiment is predominantly positive (+46), while countries such as Turkey (-33) report a noticeably negative situation. Overall, optimism in emerging markets has increased more strongly compared with industrialized countries – a trend that is also reflected in consumer impulses. ^[2]

With the gradual improvement in cost-of-living indicators in 2024, the consumer behavior of many consumers has changed. Cautious budgeting increasingly became a more reflective approach to money: people are not buying less, but more selectively.

In the area of technology and durable goods, this is clearly evident: price awareness remains important, but quality and durability are gaining importance. Many consumers are postponing their purchases in order to wait specifically for offers – 47% say they deliberately time purchases, an increase of 5 percentage points compared with the previous year. This is not solely about the lowest price, but about purchasing the best possible product at the right moment.^[3]

Notably, special offers do not necessarily lead to more frugal behavior. In fact, around one third of consumers spend more than originally planned during promotional periods^[4] – premium segments in particular record above-average growth on Black Friday. This shows that price awareness and a focus on quality are not mutually exclusive, but are increasingly intertwined.

The reasons for purchasing technology and durable consumer goods differ greatly depending on the region and the market’s stage of development.

Globally, two main motivations can be observed: For 51% of consumers, the replacement of a defective product is the primary focus; for 22%, it is the upgrade of a still-functioning product or a first-time purchase. In developed markets, replacement demand clearly dominates – Germany, with a 60% share of replacement purchases, is even significantly above the global average. By contrast, younger, dynamically growing societies such as India and Turkey show different behavior: In India, 27% of consumers make a first-time purchase – almost twice as many as the global average. This underscores the role of pent-up demand and structural growth, which meets very different needs there than in saturated markets. ^[4]

In a VUCA world (volatile, uncertain, complex, and ambiguous), the heterogeneity of consumers across regions, demographics, and economic conditions has intensified. This fragmentation is likely to become even more pronounced, particularly due to global geopolitical tensions and new trade barriers such as the recent tariff disputes.

Despite the challenges and uncertainties, NIQ’s technology and durable goods experts forecast several likely areas of growth for 2025, including innovations that leverage existing consumer trends such as sustainability, convenience, and performance enhancement.

^[1] NIQ Market Intelligence, Sales Tracking

^[2] NIQ Consumer Financial Position, January 2025. Indicates the net difference between those who describe their financial situation as “better” and those who describe their financial situation as “worse.”

^[3] NIQ Consumer Life Global 2024

^[4] NIQ gfknewron Consumer

Based on a partnership between NIQ/GfK, gfu, and IFA Management, we provide you with regular updates on market developments and trends in the Home & Consumer Tech sectors. Interesting insights, current market figures, consumer trends, and much more are professionally prepared for you from the sources of the three expert partners.