Tech & Durables Sector brings Positive momentum in Q3 2024: NielsenIQ

· Tech & Durables offline retail market in India registered 10% value growth (Jan-Sep’24) and 6% Value Growth in Q3 2024 (July – Sep’24)

· Consumer Demand Shifts Toward Premium Features and Sustainability, value growth driven by the appliances and telecom market

· Town Class 3 witnesses a 9% YoY value growth in Q3 2024, outperforming Town Class 1 & 2

Delhi- 22nd November 2024: NielsenIQ (NIQ), the world’s leading consumer intelligence company, has released its State of Tech & Durables (T&D) Report powered by GfK intelligence. According to the report, the Tech & Durables market showed improved dynamics in 2024.

The first three quarters of 2024 (Jan-Sep) presented a mixed picture for the Global Tech & Durables (T&D) market. As consumers moved from cautious to intentional spending – sales value growth turned positive for smartphones, while all other sectors experienced negative growth, leading to the overall market being flat over previous year.

In contrast, the Indian T&D offline retail market registered a 10% value growth (YoY, Jan-Sep 2024), while volumes remained flat. Consumers have increasingly gravitated toward products offering convenience, connectivity, and sustainability. The flat volume growth, however, signals a significant shift toward premium, feature-rich products providing more than just basic functionality.

“The Indian T&D market remains strong, driven by consumers’ demand for higher-end products with sustainable features,” said Anant Jain, Head of Customer Success – Tech & Durables, NielsenIQ. “This growth is fueled by the shift toward connected, feature-rich appliances and smartphones, with a clear preference for products that offer both convenience and long-term value. The festive period also contributed to this growth, with more consumers timing their purchases to benefit from promotions and special offers.”