This report is part of Euromonitor International’s Megatrends series. It focuses on the Convenience Megatrend, one of Euromonitor's 10 megatrends impacting business, exploring the forces driving consumers’ prioritisation of convenience, how the trend manifests in terms of consumer behaviour and purchase motivations, and summarises the main practices that businesses should know about to best serve consumers seeking convenience.
This report comes in PPT.
The launch of Matter, an open-source industry standard, will accelerate adoption of smart appliances, electronics and related services. As building a smart home becomes easier, the market will expand. We expect the market to be greater than USD600 billion in 2030.
Personalisation will be greatly accelerated. Consumers will gain access to personalised health, fitness, medical, meal, and many other services. More than 50% of respondents in a 2022 survey want products and services that are personalised.
Everything down to the simplest light bulb is now connected. As a result, each person is estimated to generate 2MB of data every second. In China, for categories such as TVs and robotic vacuum cleaners, almost 100% of the products sold are now smart devices.
Every consumer story has the potential to go viral. Corporations are at a disadvantage as it is a match-up of one corporation against many consumers. A responsive and engaged corporate PR will be critical for corporations selling to the Digital Living consumer.
There is no single vision of the metaverse. This fragmentation is an opportunity for first movers to shape the future. The metaverse hardware market has the vibe of the smartphone market in its early days.
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