In the global consumer tech and durables (T&D) market, products used during travel and outdoor activities, such as headphones, cameras and barbecues, are poised to take off as premium products outperform the sector average, according to GfK experts.
“Despite several ongoing global challenges, the global T&D market is finally starting to recover,” GfK insights expert, Nevin Francis said.
“Rising temperatures and the European Football Championship got consumers into the party mood. Draught systems and party speakers, for example, showed above-average growth in some countries, while leisure and travel products, such as wireless headbanded headphones, are also gaining ground. Even categories that were in the doldrums are making a comeback thanks to the upturn in summer travel, such as the premium segment for digital cameras.”
As international tourism grows and returns to pre-pandemic levels, so does demand for related technology products that make travel fun and more convenient. One example in this category is wireless headbanded headphones, which grew 22% year-over-year for the period January to April 2024, despite already strong revenue share in 2023.
Unlike true wireless headphones, the headbanded versions are designed for relaxed music listening and are more comfortable to wear, making them ideal for flights. According to gfknewron Consumer, better audio quality (56%), longer battery life (42%) and active noise cancellation (39%) are the most compelling reasons for consumers to choose headband over true wireless headphones.
Alongside wireless headbanded headphones, consumers are turning to digital cameras with a trend towards premium models among more sophisticated consumer groups. Overall, the category recorded a 6% increase in revenue in the first four months of 2024 compared to the same period last year. Action cameras (up 29%) and small photo printers (up 6%) are also benefiting.
Consumers are also investing more in goods that enhance summer at home. Outdoor barbecues sales revenue increased 3% in the first four months of this year, compared to the same period 2023. Similarly, consumers have turned to soda makers, which experienced above-average growth with an 11% increase in revenue during that period. Added to that, for those who intend to entertain at home, draught systems have become a popular investment.
Bluetooth-enabled party speakers with flashing lights and more than 100 watts of power saw a significant 16% year-over-year increase in revenue from January to April 2024.
“Although consumers are still reluctant to make big-ticket investments in tech, we are clearly seeing them start to treat themselves again with small and medium-sized technology purchases. In particular, products that enhance their summer and travel experiences are back in demand,” Francis added.