Friedemann Stoeckle, Vice President, Global POS Support at GfK, gave a “helicopter view on innovations in technical consumer goods”, looking at smart home, consumer electronics and home appliances.
GfK estimates that consumers will spend €1,052bn in 2019. This equates to a rise of around 1% on 2018.
“The consumer is the centre of everything,’’ says Stoeckle. “If the consumer doesn’t like the features, the innovation is not picked up in the market. The consumer right now feels in total control. And this is true; today, consumers are more in control than ever before.”
According to the GfK analyst, the consumer is very much like a diva, and the catch-phrase this year is: “I. Want. It. Now.”
Five themes are driving the market: performance, simplification, premium, borderless shopping and developing economies, with rich experiences being delivered through the first four elements.
Stoeckle spoke about GfK’s “Global Price Index”, which indicates that Europe has a 12% premium above the global average, but new products are 13% to 24% higher still. In the China market, new models are at a par, says Stoeckle, with the rest of the world. China has smarter products, bigger products, and highly aspirational smartphones.