B.5. Social/cultural trends
Would like to talk about some top trends in Society & culture those would influence the market demand of household electronics.
1. Speeding up
Thanks to our obsession with technology and efficiency, everything is speeding up. When the washing machine is washing clothes, I have finished the email replies of five customers. When the dishwasher is working, I am reading with my children. Intelligent household appliances can let me enjoy the food and clean home environment as soon as I get back home. The rapid lifestyle is also a factor for the rapid growth of the demand for electrical appliances.
2. Global and local
Globalization is obviously a huge trend. This factor will lead to people in underdeveloped countries have the ability to buy low-cost electrical appliances from other countries to improve their lives, so the demand will increase.
But if you have enough foresight, it seems that the future will be localized, people will tend to live locally, buy house and home appliances, which will lead to increased demand.After COVID-19, people's health care is more important than wealth. The hours they keep staying at home is gradually decreasing, which will leading to an increase in demand for household dehumidifier. The demand for products like air purifiers, air conditioners and health appliances is also increasing.People dream for freedom, the happiness and the desire to spend more time with their families help personalized smart appliances, which affect the increasing demand.
B.7. Technological trends
With the development of science and technology, the cost per unit product is lower, or the same cost can be used to make more efficient electrical appliances. For example, in the past, the washing machine was semi-automatic or could only wash, without drying function, or the a/c can only for cooling. Today's a/c can not only cool, heat and dehumidify, but also can be an effective air purifier. With the development of science and technology, more and more multi-functional and intelligent appliances enter and change our lives. However, the demand for traditional home appliances will not be increased while the demand becoming larger for smart home appliances.
The smart home appliances market was valued at USD 23.54 billion in 2019, and it is projected to be worth USD 57.64 billion by 2025, registering a CAGR of 17.3% during 2020-2025. The internet-contact has been growing across smart home applications, and it is expected to become more customizable to give more control to users and enhance the appliance operating functions. As per a 2019 survey by the National Kitchen & Bath Association, around 83% of consumers across North America demand for smart appliances. As per a recent Dashbot survey, 75% of respondents said that they use voice assistants at least once a day (Mordor Intelligence.2020.).（to be continued)