The tech and durables market today

A T&D product can be classed as anything with an on/off switch – from personal care items like hair dryers to big home appliances like a washer or dryer. 

The T&D market has seen some sizable shifts over the last few years. During COVID, most households were allocating discretionary spending to laptops for remote schooling, setting up home offices, and upgrading home entertainment systems – providing a big boost to T&D retailers.

Post-COVID, there’s been a dramatic decrease in sales across the board as discretionary spending shifts from the home to travel and more experiential purchases. Global inflation has also prompted consumers to reduce spending on big ticket items.

Sustainability: It’s still a hot topic

Despite global financial pressure, 62% of consumers agree that concern for the environment is very serious and should be a priority for everyone.

In the T&D space, consumers consider sustainability through eco claims that evaluate if a product’s packaging is ‘green’ enough, energy efficient enough, and what its level of C02 consumption is.

NIQ’s research shows that these claims often drive premium pricing – and products with 3 or more eco claims are moving off the shelves faster. FMCG brands seeking to build stronger connections with green consumers are finding sustainable packaging – like refillable options – are a good entry point.

Consider: It’s important to clearly define what it is about your packaging that’s sustainable so consumers can make an informed choice.

Today’s truly omni shopper

Much like the FMCG space, there’s been a deeply accelerated shift to online shopping for T&D goods. Beyond traditional retail websites, social media is ushering in a new era of online sales with emerging channels like TikTok shop. As a result, brands are operating in a truly hybrid environment.

While online sales climb, consumers remain comfortable shopping in store too – and they demand a seamless shopping experience that allows them to shop in the way they want. Whether it’s the benefits of online shopping like free and fast delivery, or the ability to see an item in person, 85% of shoppers today engage in a combination of both online and offline experiences.

Consider: Consumers will continue researching products and choose the most convenient, practical purchasing method for them. Be sure to focus on building connections both online and offline.

Key takeaways

The marketplace is quick-moving, and to stay on top of consumer expectations in both the fast- and slow-moving goods space, it’s essential to consider the following:

• Across the aisle, consumers are facing the same macroeconomic challenges
• Even with inflation, sustainability is still top of mind for consumers
• Consumers demand a more seamless experience online and offline

To learn more about NIQ and the T&D market, visit https://nielseniq.com/global/en/landing-page/tech-durables/