Consumer durables sector witnesses resilient growth, 9% surge in value for smartphones and 2% volume dip, reveals GfK report

Consumer durables sector witnesses resilient growth, 9% surge in value for smartphones and 2% volume dip, reveals GfK report

GfK, an NIQ Company, releases insights into the consumer durables sector covering January to October 2023 versus the same period in 2022. GfK market intelligence’s POS Offline Retail Tracking data reveals a 9% surge in smartphone value but notes a marginal 2% decline in volume. The overall impact of the volume decrease is mitigated by an 11% growth in Average Selling Price (ASP).

This nuanced combination of metrics highlights a trend within the smartphone market, showcasing the consumer durable sector’s resilience and ability to maintain value growth despite a slight dip in volume.

Major Domestic Appliances (MDA) and Small Domestic Appliances (SDA) exhibited varied growth rates. Cooling products experienced a shift with a 6% reduction in volume and a 4% decrease in value, leading to a category average selling price increase by 2%.

Air conditioners showcased robust growth, with a 10% increase in volume and a 12% rise in value. Washing machines witnessed a minor 2% decline in volume and a marginal 0.5% decrease in value, reflecting around a 2% increase in industry ASP.

Microwave ovens faced headwinds, experiencing a 7% dip in volume as well as value with almost flat industry ASP. Meanwhile, dishwashers exhibited growth in both volume (3%) and value (9%), along with an increased ASP of 6% during the same period.

Within the Consumer Electronics sector, trends surfaced across different product categories. The audio home systems category revealed a nuanced narrative characterised by a 3% increase in volume with a corresponding 3% decrease in value.

This paradoxical scenario was further accentuated by a decline in ASP at -6%. Meanwhile, the Panel Television category experienced a 2% growth in volume, but this positive trajectory was counterbalanced by a substantial 7% contraction in value due to an increased mix of smaller size Public Television (PTV) sales compared to the previous period.

The categories of desk computing, mobile computing, and media tablets displayed intriguing and dynamic trends, showcasing the evolving landscape of consumer preferences and market dynamics, offering valuable insights for industry stakeholders and enthusiasts alike seeking to navigate and understand the multifaceted nature of the consumer electronics sector.

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