The Middle East & Africa are leading in consumer tech and durables sales, despite declines in other regions. Saudi Arabia and the UAE are showing strong growth due to positive consumer sentiment. Globally, the sector saw a revenue decline last year, but big events like the Summer Olympics and Euro 2024 could boost spending. Consumer confidence is cautiously improving, with a focus on innovation to drive purchases. It is crucial to unlock growth opportunities by understanding regional and product-specific trends.
AI is playing a transformative role in various industries, helping businesses make informed decisions. With AI-powered tools, marketers can predict consumer behavior and drive business growth. Brands need to focus on long-term brand building strategies to increase awareness and appeal. Building brand trust, affordability, and excellence are key factors in increasing brand perception and attracting consumers.
Increasing brand exposure, leveraging partnerships, and building trust are essential strategies to boost brand appeal. Providing quality products/services and delivering on brand promises can create positive brand experiences. By incorporating these strategies, businesses can improve mental availability, brand perception, and drive sales growth. Brand strength and promotion performance go hand in hand, with a focus needed on activities that drive long-term brand value.
Tech & durables manufacturers invest heavily in trade spending, but often overlook the importance of promotion performance. Marketing spend should be focused on activities that increase sales volume, value, and incremental profit, rather than solely defending market share through pricing. A holistic understanding of the market landscape and consumer needs is essential to maximize marketing spend. GfK offers market and consumer insights enriched with advanced analytics to help businesses make data-driven decisions and maximize growth potential.
