insights into the consumer durables industry for the January–October 2023 period compared to the same period in 2022 have been released by an NIQ Company. According to GfK Market Intelligence, POS Offline Retail Tracking, smartphone value has increased by 9%. The data does, however, also show a slight 2 percent drop in volume. But the average selling price (ASP) has increased by 11%, which lessens the overall impact of this volume decline.
This set of data points to a pattern in the smartphone market, demonstrating the industry’s tenacity and capacity to sustain value growth even in the face of a modest decline in volume.
The head of customer success management at India GfK, an NIQ company, Anant Jain, commented on these findings, saying, “The industry’s expansion can be credited to a noticeable consumer inclination toward premium products spanning diverse categories.”
This trend is being greatly shaped by lower-town segments who are looking for durable products and convenient tech to improve their overall comfort level in their lifestyle. This year’s overall sales uptick is a direct result of the lower Average Selling Prices (ASPs) during the holiday season, highlighting the dynamic evolution of consumer preferences.
The growth rates of small and major domestic appliances (MDA and SDA) were not the same. In contrast, there was a shift in the cooling product category, with a 2 percent increase in the category average selling price and a 6 percent decrease in volume and value.
Simultaneously, the category of air conditioners demonstrated remarkable optimism, exhibiting a strong 10% increase in volume and a worthy 12% increase in value between January and October 2023 in comparison to the corresponding period in 2022. Within the washing machine industry, a 2 percent volume decline was matched by a 0.5 percent value decrease, which indicates a 2 percent increase in the industry average selling price (ASP) over the same period.
The industry ASP for microwave ovens was nearly flat, and the product saw a 7% decline in both volume and value. Conversely, dishwashers saw increases in volume (3%) and value (9%), as well as an elevated ASP of 6%, over the same time frame.
In the Consumer Electronics industry, the audio home systems segment, specifically, disclosed a story that was comprised of a 3 percent rise in volume and a 3 percent drop in value.
The remarkable drop in Average Selling Price (ASP) to -6 percent added to the paradoxical situation. Panel Television saw a 2 percent increase in volume, but this upward trend was offset by a significant 7 percent decline in value because more smaller-sized PTVs were sold than in the prior period.
Desk computing, mobile computing, and media tablets all experienced variations in volume, value, and average sales price over the course of the given period, which demonstrated the inherent dynamism of these consumer electronics market segments.
The aforementioned results provide valuable insights for both industry stakeholders and enthusiasts who aim to comprehend and navigate the complex and diverse consumer electronics sector. They also illuminate the constantly changing landscape of consumer preferences and market dynamics.
