NIQ Retail Spend Barometer
Belgium

Consumer spending on fast-moving consumer goods (FMCG) as well as tech and durables products (T&D) increased by 1,3 percent in the year to Q3 2024 compared to the same period in 2023. In the quarter from July to September 2024, this corresponded to a market total of EUR 9,4 billion. The higher spending in 2024 is due to both price increases caused by inflation as well as an increase in turnover. In addition, T&D spending was influenced by the unusually warm weather. The new edition of the NIQ Retail Spend Barometer aggregates data from both NIQ and GfK to measure the turnover of FMCG and T&D products sold in retail stores in Belgium.

FMCG: Inflation forces consumers to be cautious, while premium products increase in popularity 

Between July and September 2024, consumers in Belgium only spent a total of 0,3 percent more on FMCG products than in the same period in 2023. One reason for the near standstill in spending is a lower inflation rate compared to 2023 which caused prices to stagnate. The categories that were affected the most by inflation were pet products (price increase of 15 percent price), dairy products (price increase of 14.8 percent) as well as snacks (price increase of 14.5 percent). Inflation is forecast to pick up stronger in early 2025, which will likely cause prices to surge again. However, inflation only has a limited influence on FMCG products since food is a necessity. Q3 was dominated by warm weather, causing the sales of fresh foods to increase (3.0 percent) as well. The second biggest category experiencing growth is personal care (2.2 percent), which has been an ongoing trend throughout the year and is likely to continue in the coming months as well. 

While prices in supermarkets were mostly stable throughout 2024, the cost of eating out has increased. Consumers reacted to the higher prices by adapting their shopping behavior. Eating out in restaurants is becoming more and more of a luxury. As a result, premium products that are perceived as healthy or have additional functionalities (like high protein, vegan or alcohol-free) gain in popularity as consumers switch to treating themselves to luxurious meals at home. 

Tech products: Consumers prepare for end-of-year promotions 

After a drop in the second quarter of 2024, T&D spending is rising again in Q3 with a rate of 2.0 percent. This trend can mainly be attributed to the Home Appliance sector, which grew by 4.7 percent. In addition, the warm weather over the summer led to increased sales of air conditioning units and electric fans. It also led to an increased popularity of DIY and Home Improvement products such as gardening supplies. Overall, this sector grew by 1.4 percent. 

By contrast, technical consumer goods experienced a total 0.1 percent decline in turnover, due to market saturation in important categories such as TVs, for which there is less demand, as people prefer streaming on mobile devices such as laptops, tablets and smartphones. Spending in this section is divided between low-end product options and those with premium features, which are experiencing an above average growth. This category is expected to pick up stronger in Q4 with promotions around Black Friday, Christmas and end-of-year offers. T&D spending is very promotion-driven, accounting for the fact that consumers wait until the end of the year to make big purchases. 

“With the Full View^TM, as shown by the NIQ Retail Spend Barometer, we are in a unique position to offer retailers and manufacturers a 360-degree view of the market. The data allows us to identify ongoing trends like personal care and seasonal increases, as seen with fresh foods and air conditioning,” says Jasper Bins, Retail Vertical Director Benelux, NIQ and GfK. “With this comprehensive overview, retailers and manufacturers can identify market opportunities, adapt their strategies and therefore maximize their outcomes.” 

Jasper Bins, Retail Vertical Director Benelux, NIQ and GfK