People who design, create, and sell tech products understand that the key to success is to identify trends early and rise to the occasion to meet consumer needs and spending patterns. The team at LLC Attorney compiled and analyzed data from Statista Market Insights to conduct a comprehensive study identifying which products consumers are expected to spend more on over the next five years..Those in the tech world will find plenty of things that interest them in the team’s results. They reveal the products that are expected to bring in the most revenue in a rapidly shifting economy.
Online Education
In a ranking of non-grocery related items, online university education came in third for projected spending. The current market volume for online education is $94 billion and expected to increase to $136.6 billion by 2029, an increase of 9.92% (Projected Annual Growth Rate). Online education is popular because it can remove barriers faced by non-traditional students, by offering better flexibility and lower tuition. Online education exploded by necessity during the COVID-19 pandemic in 2020 and many students found they preferred this college experience. Improved video conferencing platforms have made online education an option that seriously competes with traditional in-person courses and the team clearly expects this trend to continue.
E-Services
An E-service is a remote offering of services. It can refer to online banking, government portals for tax processes or applications, a legal service, etc. This can even include online entertainment like gaming and streaming services. E-services rank at #8 on the team’s non-grocery list. The current market volume is $532.4 billion with a projected growth of $717.4 billion in 2029. That’s a 7.74% projected annual growth rate. E-services are convenient for consumers and as AI evolves, it becomes more cost-effective and streamlined for businesses. Since this is such a broad category of business, it’s no surprise that the E-service market will grow.
Online Food Delivery
Online food delivery is another market that’s boomed since 2020. Apps like DoorDash, Postmates, and Grubhub make it easy to get food directly to your door. When restaurants shut down during the pandemic, delivery was the only option for eating out. The current market value of online food delivery is $430 billion and expected to reach $563.4 billion in 2029 at a 6.99% growth rate. Over half of Americans consider online food delivery as an essential part of their lifestyle and it’s most popular among Millennials and Gen Z. Some projections say that “ghost kitchens” (these are kitchens that prepare food for delivery only with no sit-down restaurant) will account for half of drive-thru and takeaway orders by 2030.
Electronics
Heading further down the team’s ranking and analysis we see Electronics in the #16 spot, proving that there’s always a market for gadgets. The current market value is $99.4 billion expected to grow 4.10% to $116.6 billion in 2029. According to United Industries, TheBestSellingElectronics are smartphones, smart home devices, wearable health technology, laptops and tablets, electric vehicles, gaming consoles, and audio devices. These devices are very popular and an essential part of life for many people. They’re reliable technology products that will likely see steady to growing sales far into the future.
Media
While media can encompass some non-technological products, these days it encompasses many electronic and online-based products. The media economy is driven by technology used to create social media platforms and apps, video games, films and television, podcasts, art, music, and e-books. While print media and live performances are still popular in some spaces, they are more of a niche market with technology driving and defining the media landscape, for better or worse. Most media outlets have shifted to digital platforms, and our culture is tremendously influenced by social media. There is no divorcing technology from culture in this day and age, and we can see that reflected in the market. The current market volume for media is $14.3 billion and expected to increase to $16.8 billion at a respectable growth rate of 4.06%.
Technology’s Impact on the Food Market
LLCAttorney’s study found that food spending will increase the most in the past five years, which is no surprise since it’s one of the most essential purchases we make. However, we can look through the data and speculate on technology’s impact on food spending. For example, many people use an app to have groceries delivered. Studies indicate that more Americans are cooking at home, thanks in large part to plenty of resources online teaching them how to cook, meal plan, or order meal delivery kits. Technology is used for convenience and there’s no doubt that Americans want to find more convenient ways to feed themselves.
Impacts on Consumer Spending
Historical sales data, economic outlooks, and emerging patterns all fuel the projections on consumer spending and economic growth. Demographics can have a big impact on consumer spending. Younger people are more drawn to spend on technology, but aging people have a need for convenience, services, and health-related goods. Unexpected changes like wars or pandemics can shift the course of these projections, but overall we can see that technology is a driving force in economic development and market predictions.
Take a look at the infographic below for more insights:
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by Irfan Ahmad via Digital Information World
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