2024 – Recovery of global T&D industry

Technology market on the upswing – consumption between pent-up demand and new awareness

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

This growth can be understood in two ways: In emerging markets, e.g. India, market demand is faster-growing, with a higher proportion of first-time purchases, owing to rapid urbanization, the emerging middle class and younger, tech-savvy populations. In these regions, access to technology continues to grow, leading to an increase in unit sales. In contrast, developed markets remain in a phase of saturation and post-pandemic adjustment. Sales in these regions declined by 1% [1], but a notable shift in consumer mindset is taking place: shoppers are prioritizing fewer, higher-quality purchases that reflect a more intentional and sustainability-conscious approach.

Consumer sentiment in 2025 – slight recovery, but with regional differences

Globally, 30% of consumers in 2025 say they feel their household finances are better than last year, while 32% see a deterioration – an almost balanced sentiment.

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

Shift in priorities: from cautious to conscious consumer decisions

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

This is particularly evident in the technology and durable goods sectors: price awareness remains important, but quality and durability are gaining in importance. Many consumers are postponing purchases in order to wait for special offers – 47% say they consciously time their purchases, which represents an increase of 5 percentage points over the previous year. It is not just about getting the lowest price, but about purchasing the best possible product at the right moment.[3].

It is noteworthy that special offers do not necessarily lead to more economical behavior. In fact, around one-third of consumers spend more than they originally planned during promotional periods[4], with premium segments in particular recording above-average growth on Black Friday. This shows that price awareness and quality orientation are not mutually exclusive, but increasingly intertwined.

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Different purchasing motives worldwide – replacement, upgrading, or first-time purchase

The reasons for purchasing technology and durable consumer goods vary greatly depending on the region and the level of market development.

Two main motives can be observed worldwide: For 51% of consumers, the replacement of a defective product is the primary motive, while 22% seek to upgrade a product that is still functioning or make a first-time purchase. Replacement demand clearly dominates in developed markets – Germany is even well above the global average, with replacement purchases accounting for 60% of total purchases. In contrast, younger, dynamically growing societies such as India and Turkey are showing different behavior: in India, 27% of consumers are making a first-time purchase – almost twice as many as the global average. This underscores the role of pent-up demand and structural growth, which are meeting very different needs there than in saturated markets.

Conclusion – Consumer trends in a fragmented world

In a VUCA world (volatile, uncertain, complex, and ambiguous), consumer heterogeneity has increased across regions, demographics, and economic conditions. This fragmentation is likely to intensify, 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 consumer goods experts predict several likely areas of growth for 2025, including innovations that leverage existing consumer trends such as sustainability, convenience, and performance enhancement.

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Based on a partnership between NIQ/GfK, gfu and IFA Management, we regularly inform you about market developments and trends from the home & consumer tech sectors. You will receive interesting insights, current market figures, consumer trends and much more professionally prepared from the sources of the three competent partners.