INDUSTRY REPORT
The regional landscape
According to Zion Research , Asia Pacific is projected to emerge as the most lucrative region for the consumer electronics ’ market over the forecast period . The presence of key consumer electronics ’ companies is expected to be a major factor favouring consumer electronics demand in this region . There is a large market presence of leading players such as Samsung ; Sony ; LG ; Panasonic and others in the Asia-Pacific region .
Rapid urbanisation ; increasing technological proliferation ; rising disposable income ; increasing digitisation ; supportive government initiatives and rising investments in consumer electronics ’ manufacturers are also expected to be major factors propelling the consumer electronics ’ market growth in this region .
“ The North American consumer electronics ’ market is also estimated to account for a significant market share in the global market landscape . The rising popularity of gaming is propelling the demand for monitors and speakers in this region and , in turn , driving market potential . The rising use of wearable technology and high technological proliferation are also expected to be prominent trends in this region for consumer electronics ’ market growth ,” added the analyst .
In North America and Europe , the growing popularity of smart homes is expected to boost demand for consumer electronics devices , according to analyst Verified Market Research .
“ Wearable electronic devices are another set of products gaining popularity worldwide , especially in the United States , for health and fitness . Smartwatches , like the Fitbit or Apple Watch , have gained popularity in the country ,” it explained .
Top 10 global consumer trends
Earlier this year , Euromonitor outlined the ten key trends in its ‘ Global Consumer Trends 2023 ’ report . According to the analyst , consumers spending responsibly but emotionally ; the role of digitisation in purchasing processes ; female equality demands and a disruptive Gen Z are some of the factors that will define global consumer trends in 2023 .
The top ten trends that it highlighted are listed opposite .
Virtual Reality technologies are becoming more popular .
Earlier this year , Euromonitor outlined the ten key trends in its Global Consumer Trends 2023 report
Authentic automation : Humans and machines need to be in sync to deliver meaningful solutions . Emotional connections are not to be underestimated and technology benefits should outweigh the need for personal interactions to create a seamless experience .
Budgeteers : The cost-of-living crisis is undermining purchasing power for consumers . Saving money is top of people ’ s minds . In 2022 , 75 % of consumers did not plan to increase overall spending .
Control the scroll : People are still wedded to their devices , but screen time is more selective . Consumers want an efficient and curated digital experience .
Eco-economic : Consumption behaviours are less about acquisition and more about reduction , which positively impacts the planet . Around 43 % of consumers reduced their energy consumption last year .
Game on : Gaming has become an entertainment leader and has transcended the generational divide . This once-niche segment is now a mass-market opportunity .
Here and now : Flexible solutions are expanding purchasing power and relieving cost pressures to help consumers spend on happiness . In the short-term , ‘ joy ’ is a purchase motivator . In 2022 , ‘ buy now , pay later ’ reached US $ 156 billion lending value .
Revived routines : ‘ Post-pandemic ' is here . Consumers are eager to rediscover the world despite uncertainties ahead . Around 39 % of consumers said more of their everyday activities will be in person over the next five years .
She rises : Consumers refuse to remain silent on gender inequality . Fair representation , equity and inclusivity are at the forefront of women ’ s purchase decisions .
The thrivers : Fatigue is setting in as consumers navigate a chaotic world with exhaustion at an all-time high ; they are putting personal needs above all else . Approx . 53 % of consumers had a strict boundary between work or school and personal life in 2022 .
Young and disrupted : Gen Z stand up for their beliefs and put themselves out there . These consumers are immune to traditional advertising . Authenticity and social impact make a difference .
“ The past few years have been anything but ordinary , and 2023 will be no exception ,” said Alison Angus , Head of Innovation Practice , Euromonitor International . “ Companies should expect quite divergent behaviour as consumers cope with ongoing challenges while getting back into their stride .” n
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