GfK: technical consumer goods market starts slow in 2022

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With global revenue growing by 12 percent, 2021 was a record year for the consumer tech and durables segment. According to GfK forecasts, this momentum will decelerate in 2022. In the first two months of the year, revenue already declined by 3 percent compared to the same period last year. However premiumization remains strong. Accordingly, consumers opt for innovative products and devices that promise improved features or additional functions. These include robot vacuum cleaners with docking and charging stations, which started 2022 with a 182 percent increase in revenue compared to the same period last year. Devices that simplify consumers’ lives also had a successful start to the year. The simplification trend is evident across smart home products, among others. Home automation products saw an overall growth of 15 percent in seven EU countries (Belgium, France, Germany, Great Britain, Spain, Italy and the Netherlands) from January to February 2022. These include, for example, smart thermostats for automatic temperature control, motion sensors and smoke or fire detectors that improve home safety. Another product category benefiting from the simplification trend is household appliances that are multifunctional. Electric cooking pots including a rice cooking function, washer-dryers or mini ovens with a steam or air-frying function recorded above-average growth rates in the first two months of 2022 and improved their market position compared to the same period of the previous year.