Spanish households increased their spending on consumer goods by 4.5% in the third quarter of 2024, according to NIQ’s Retail Spending Barometer. 

• Sales in FMCG, home technology and durable goods in Spain were close to 38 billion euros in the third quarter of 2024. 
• The study reveals that Spaniards spent 4.5% more on consumer goods and 4.2% more on technological and durable goods compared to the same period last year. The increased spending on the shopping basket continues to reflect the moderation in consumer goods prices, while sales of televisions continue to drive consumer electronics sales. 

Madrid, 20 November 2024: According to the latest edition of the NIQ Retail Spending Barometer, spending on consumer goods, durable goods, and home technology electronics in Spain totaled 37,996 million euros in the third quarter of this year. This report, published today in Spain, is a result of the collaborative analysis conducted by NIQ and GfK. This joint effort provides the most comprehensive and accurate insight into consumer purchases in Spain. 

The latest data reveals a 4.5% increase in spending compared to the same period in 2023. This growth was primarily influenced by the stabilization of prices in essential categories such as food, beverages, and perfumery-drugstore products. However, there was a noticeable surge in purchases within the technology and durable goods (T&D) sector. This spike can be attributed to the high demand for televisions following major sporting events like the Olympic Games and the European Football Championship, as well as the transition from standard definition (SD) broadcasting, which is still underway. 

The NIQ Retail Spending Barometer offers a comprehensive analysis of consumer spending in the FMCG (packaged food, fresh produce, personal and home care products) and T&D sectors (consumer electronics, white goods, DIY, optical, automotive, and publishing) across Spain and thirteen other key markets. These markets include South Africa, China, Indonesia, France, UK, Germany, Italy, Netherlands, Switzerland, Austria, Poland, Chile, and Brazil. 

This groundbreaking big data analysis, utilizing actual sales data, provides a unique perspective across various categories and channels. The NIQ Retail Spending Barometer is a unique quarterly publication that sets the standard for understanding consumer spending trends on a global scale. 

FMCG: food prices continue to decline 

In the third quarter of the year, consumer prices continued to follow a moderating trend, growing at levels below 2%. This marks a significant shift from the previous norm in the sector, where 2% growth had been the standard for decades. However, recent events have disrupted this stability, leading to unprecedented levels of food inflation. 

In addition to price trends, market volume has also shown a positive trajectory throughout the year, particularly in the third quarter. This growth trend began in the summer of last year and has continued steadily, with a year-on-year demand increase of 2% in the year leading up to September. 

One notable trend in recent years is the increasing consumer focus on well-being and personal care, both globally and within our country. This shift in consumer behavior has had a significant impact on the personal care sector, which has experienced the highest growth in value at 9.5%. Within this sector, all major product categories have shown growth in both volume and value. Fragrances and make-up have seen spending increase by 13.1% and 10.1% respectively, followed by body care at 10.6% and hair care at 10.1%. 

The ambient food category has experienced significant growth in value at 7.1%. However, this growth is primarily due to the sharp increase in prices within the chocolate category, resulting in flat volume performance for this quarter. On the other hand, categories such as snacks and confectionery have shown a more positive evolution with growth rates of around 3-4%.  

Notably, nuts and dried fruits have seen an 8% increase in volume, reflecting a trend towards healthier consumption habits during leisure time and an increasing presence in our daily diets. 

In the dry food section, while oil prices have moderated, volume remains negative. Exceptional categories include dietetic products, which have seen a 12.3% increase in volume, highlighting a growing concern for personal well-being. Additionally, pet food has experienced a 4.4% increase in volume. 

Fresh products have continued their recovery trend from 2024 during the third quarter. Meat, fruit, vegetables, bread, and eggs have all seen growth in volume, with only fish showing a negative trend, losing 6.3% in cumulative figures up to September. As prices stabilize, buyers are responding positively, particularly in the categories of meat and eggs. 

T&D continues its strong acceleration 

In the third quarter of 2024, the technology and durable goods (T&D) market in Spain experienced a significant surge in spending across various sectors. Particularly noteworthy was the home technology sector, which saw a robust growth of 4.9%, driven by a remarkable 17% increase in television sales.  

The durable goods segment also saw a notable uptick of 5.2%, with books leading the way with a surprising 10% increase in spending, fueled by new product launches. The optical market also demonstrated positive performance, with an 8% increase in sales, driven by strong growth in lenses and sunglasses, especially in premium segments. In the DIY and home improvement category, the air conditioning sector stood out with an impressive 11% growth, supported by favorable weather conditions during the quarter. 

Overall, the market trended upwards with the rest category also showing a healthy 8% growth. The third quarter of 2024 was marked by strong consumer spending in Spain’s technology and durable goods market, with various sectors experiencing significant growth and positive performance. 

In the technological consumer goods sector, there was a notable growth of 4.9%, largely driven by the contribution of televisions. This increase can be attributed to the replacement of devices in second homes following broadcasts exclusively in high definition (HD), major sporting events like the European Football Championship and the Olympic Games, and free-to-air broadcasts in local time. Additionally, there has been a clear restocking movement after years of market stagnation post-pandemic. Furthermore, the smartphone category, a key player in this sector, experienced a significant growth of 7%, particularly in the premium segment.  

Household appliances also saw a rise of 3.9%, with notable increases in products such as vertical steam irons (+38%), coffee machines (+17%), hoovers (+13%), and dental care products (+12%). The white goods market also showed signs of recovery, with tumble dryers seeing a 16% increase and washing machines a 3% increase, driven by the growing popularity of online shopping channels. 

Consumers are continuing to invest in personal care, household, and kitchen products that enhance their daily lives, as well as exploring innovative segments like high-end hot air moulders (+102%), super automatic coffee machines (+40%), broom hoovers (+17%), and hairdryers (+4%). This trend highlights the evolving preferences of consumers towards convenience and efficiency in their purchasing decisions. 

Antonio de Santos, the Retailer Vertical Director of NIQ in Spain, stated that “during the third quarter, the FMCG market in Spain maintained a trend of price moderation, which significantly contributed to the increase in demand. Nearly all sections of packaged and fresh products have shown positive growth in volume thus far this year”. 

De Santos further explained that “the overall economic progress, rising household incomes, reduced mortgage expenses, and a strong employment market have all played a role in driving an upward trajectory in consumer purchases. Despite ongoing uncertainties in the macro environment, we maintain a cautiously optimistic outlook on the market’s short and medium-term evolution.” 

Fernando Gómez, the Retail Head of GfK in Spain, highlights that “the technology and durables market experienced growth in the third quarter, contrary to the anticipated slowdown by analysts. Spanish consumers are showing a continued interest in spending on equipment, health, leisure, and cultural products, indicating a promising outlook for a robust fourth quarter, barring any unforeseen disruptions like the recent flooding disasters in the South of the country.” 

However, Gómez also noted that “the decreasing prices, while advantageous for households, are causing some apprehension within the sector. The influx of Asian brands offering more affordable alternatives in replacement products is prompting consumers to shift away from established brands, impacting their market share. Furthermore, there is a noticeable resurgence of the online channel, marking a shift from the previous preference for physical stores” 

About the study

The NIQ Retail Spending Barometer examines sales in FMCG, as well as technology equipment and durable goods (T&D) in Spain. It tracks actual sales figures and measures changes in past purchasing trends. Categories analysed in consumer goods include fresh and packaged foods, home care and personal care products, and T&D categories include consumer technology goods, household appliances and DIY. The data comes from NielsenIQ and GfK’s retail market measurements, which together measure sales for more than 350,000 retail partners worldwide. 

Press Contacts

NIQ

Susana Gómez, susana@finzelpr.com, 649 845 649

Piers Finzel, piers@finzelpr.com, 666 178 028 

GfK

Antonieta Martín Martin, antonieta.martin@nielseniq.com 915 919 940

Alicia Medina, alicia@medinacomunicacion.com, 630 52 75 53 

About NIQ

NIQ is the world’s leading consumer intelligence company, providing the most comprehensive understanding of consumer buying behaviour and revealing new avenues for growth. In 2023, NIQ merged with GfK, uniting the two industry leaders with unprecedented global reach. NIQ is a portfolio company of Advent International, operating in more than 100 markets and covering more than 90% of the world’s population. 

For more information, visit www.niq.com 

GfK: an NIQ company

GfK has earned the trust of its clients around the world by solving critical aspects of their decision-making process. In 2023, GfK merged with NIQ, bringing together the two industry leaders with unparalleled global reach. Together they drive clients’ growth by providing them with a comprehensive understanding of their consumers’ buying behaviour, as well as the dynamics and trends impacting their markets, brands and media. With a holistic reading of distribution and the most comprehensive consumer insights, delivered with advanced analytics through state-of-the-art platforms, NIQ and GfK offer The Full View™, a complete view of consumer buying behaviour. 

For more information, visit niq.com