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CHICAGO, Jan. 27, 2022 /PRNewswire/ — Today, NielsenIQ released its new global report on the global durable goods sector titled, An Inside Look into the 2021 Global Consumer Durable Goods Spike. The report sheds new light on the strong state, globally, of the consumer durable goods sector, and the consumer forces driving sales in 2021, and how the sector can retain its momentum.
NielsenIQ BASES explores the rapidly growing durable goods sector, specifically in Brazil, India, Germany, and the US. The report states that many durable goods manufacturers experienced an unexpected surge of sales during the pandemic, while overall 70% of businesses experienced a negative impact because of the pandemic. Globally, in the first-half of 2021, sales of small and large appliances increased over the same period in the prior year, with 84% of consumers stating that they have made a durable goods purchase since the onset of the global COVID 19 pandemic. Of those buyers, 40% said their durable goods purchases were made directly in response to the COVID pandemic, and 10% of buyers said they would not have purchased these items in the next six months if were not for the pandemic.
The report notes that consumers across the globe would be willing to look at new business models, including product-oriented product service systems, or pay a fee to use the product. The report looks at several business models that consumer would be willing to explore with upcoming durable goods purchases:
“Our research showed a surprisingly robust consumer goods market, particularly when other industries are struggling through the pandemic,” said Bethany Streitmatter, Vice President, NielsenIQ BASES. “What our research shows is that for the durable consumer goods sector to continue to grow, they will have to innovate and embrace disruptive business models, that use new technologies, to bring new services to, and gain additional revenue from their customers.”
The report shows how main drivers to try a new business model differs across geography, however the ability to “try new things” is a common interest among consumers in Brazil, India, Germany, and the USA. Also in the US, Brazil and Germany, convenience and personalization are consistently among the top three drivers consumers say will get them to try a new business model. A pay per use feature could be popular in Brazil, however unique to India are concerns about strong customer support. A few key points include:
The report also shows in detail, how companies are starting to implement these new business models. For example:
About NielsenIQ
NielsenIQ BASES is a leader in helping companies build brands through innovation, renovation, strategy, and go-to-market optimisation, and is a trusted partner globally, and across industries. BASES helps maximise brand success end-to-end through advanced predictive analytics, behavioural science, proprietary databases, expert advice, and agile, digital technology platform.
For more information, visit NielsenIQ.com.
For media queries: Peter Tulupman
Peter.Tulupman@secnewgate.us +1 718-909-8363
SOURCE NielsenIQ BASES
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