Every year brings new consumer trends across the globe. The consumers of today are savvier than older generations, and many spend a lot of time researching new products or industries on social media platforms. These platforms allow product trends to spread so that innovative technologies are taking off rapidly. Going into 2021, it will be very interesting to see where consumers are spending their time and money. Here are some of the trends and industries that are expected to grow next year.
Eccomerce just had its best year ever in 2020 and this trend will more than likely continue as online shopping becomes a bigger and more common part of our daily lives. More often, consumers are prioritizing convenience and low prices, giving more advantages to online stores versus traditional retail stores like Target or Walmart. This ties in with social media platforms like Facebook and Instagram, where stores are utilizing these websites to showcase their merchandise and reach new clients. Eccomerce as a whole is a healthy industry that is looking to expand this decade.
Across the globe, casinos and gaming are popular in many places but in recent years, the rise of online gaming cannot be denied. The online gaming industry has grown immensely over the last few years and this trend is expected to continue as more consumers choose to enjoy entertaining casino games online as opposed to the brick and mortar alternatives. The reasons for this trend are multifaceted and range from people being more comfortable playing in their homes, to more interest in using the technology we have available to us. Many platforms are offering more benefits to their online users that are similar to the membership promotions found at most casinos. Live-streaming dealers also help to simulate the in-person experience.
As more people focus on living a healthier lifestyle and skipping the crowded grocery stores, home gardening is expected to take off. This includes natural outdoor gardening, as well as indoor systems like hydroponics that can be used year-round. While farmer’s markets are popular, they are not always available or nearby, thus home gardens provide an alternative for some. The benefits are tenfold for consumers. Better organic produce is more readily available, helping to supplement the average family’s diet and save some money on grocery bills in the long run.
Smart Home Assistants and IoT Devices
Devices commonly referred to as “smart home assistants” are a surprising hit in many areas of the world and are continuing to become a more commonplace item. These include Amazon Alexa, Apple Siri, and Google Home, as well as numerous other solutions. Smart home assistants allow you to easily multitask throughout your day and simultaneously receive news and updates. You can easily get information regarding the weather, news, directions, stock prices, and even make simple requests like run a timer, make reminders, and make appointments. Smart home assistants belong to the bigger industry of “internet of things” or IoT devices. This is a market of internet-connected devices that exist to give you increased functionality and programmability to all of your commonly found household and business appliances. This includes everything from home temperature controls, to inventory management, security systems, health monitors, and more. According to Statista.com, this industry reached $100 billion in revenue in 2017 and is expected to hit incredible figures of over 1.5 trillion by 2025. With so much advanced technology at our fingertips every day, it is clear that consumers are expecting more functionality in the home and workplace.
3D printing is taking off as one of the fastest-growing industries. Considerable progress was made throughout 2019-2020 and this is expected to continue throughout the decade. In terms of global revenue, there should be more sales across the board for every step of the chain from the manufacturers of the printers, the thermoplastics suppliers, to the online and retail stores that carry the products. This is driven by not only scientific and prototype manufacturing needs but also a lot of home hobbyists. In a sector as new and enticing as this, there is no telling what the true ceiling is if there is one, but economists are expecting the annual global revenue for the 3D printing industry to exceed $40 billion dollars by 2024.