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This article is part of a series highlighting the Top 10 Global Consumer Trends 2020 report.
During times of economic, political, or personal uncertainty, consumers are drawn to the comforts of home. In seeking to unwind and get back on track, they retreat to their personal safe spaces, where they are free from the distractions of the world around them.
For the first time, many consumers not only don’t want to leave their homes but also don’t have to. Thanks to the proliferation of high-speed internet access and a host of innovative goods and services, global consumers are increasingly able to exercise, shop, work, and play from the comfort of their own Multifunctional Home. According to our 2019 Lifestyles Survey, working from home is already common among global consumers across regions, with nearly 70% of global consumers working from home at least weekly.
Without having to spend time commuting, remote workers have more time to complete other productive activities at home as well. Respondents said that they clean, socialize with those who live with them and exercise from home at least weekly.
This has been met in turn with responses across industries offering more at-home services, including beauty and spa services, delivery, and internet-enabled exercise equipment. Evolving beyond that – there are in at-home medical care services adopting the digital age and a wellness forward mindset.
Digitalisation enables Multifunctional Homes. Heading out to a restaurant to socialise has in some situations been replaced by video chats with friends, while online food delivery apps, such as Deliveroo, bring food to your front door. Even those consumers interested in flexing their culinary skills can turn to smart induction cooktops, such as Hestan Cue, for precision cooking. At the same time, autonomous robotic lawnmowers trim the grass, while smart sprinklers track the weather and water the flowers in the garden. Even as spaces decrease in size and millennials and Generation Z reside in apartments in urban settings with little or no green areas, connected indoor gardening systems allow consumers to grow herbs and vegetables at home.
The evolution of the home from the centre of one’s personal and family life to the centre of life itself is only going to accelerate. As a result, the implications for both industries and governments alike will continue to be dramatic and far-reaching, as consumer habits regarding dressing, shopping, exercising, and more will increasingly revolve around their homes as opposed to their workplaces.
To learn more, download the full Top 10 Global Consumer Trends 2020 report.