While most U.S. consumers follow technology and electronic trends, they do not self-proclaim that they are addicted to their devices. Unsurprisingly, consumers that buy the latest devices skew younger. They also tend to be more temperamental and social than the average adult.
From the consumer purchasing perspective, home security camera ownership/intent to own is the highest and continues to grow. We have seen some flat-lining in the usage of augmented reality shopping apps. This is not surprising given that the technology is still just entering the marketplace, primarily through social media, and being driven by younger customers[1]. In addition, it is slow to enter the market on the industry side as well, given that implementing an augmented reality program could cost anywhere from a couple to hundreds of thousands of dollars[2],
Ownership of smart homes and home security cameras continues to rise. This is especially interesting, considering inflation’s historical impact on the economy. Despite financial stressors, consumers are still investing in high-end home products.
The intent to use augmented reality has remained steady, but the awareness is still relatively low, indicating that there is still room for growth in the market.
Fitness Tracking Apps may have seen full market saturation given the niche opinion of many consumers, the decline in use from last quarter, and steady intent over the past year. It is likely consumers are ready for the next evolution of the product to renew market interest.
Cryptocurrency saw a large decrease in intent to use this quarter, which may be due to the risk-averse mindset that investors have adopted after the federal bank’s crackdown on inflation by increasing interest rates. Meanwhile, adoption levels for financial info aggregators have seen significant growth compared to last year, indicating that consumers are becoming more mindful of their finances and financial information.
