The concept of a smart home has transformed from a futuristic dream to a reality that many households now embrace. At the heart of this smart home vision is the ability to provide personalised services and experiences to consumers. This could include services such as personalised diets, smart home energy management, health monitoring, and many more.
Despite a weak economic outlook for China over the forecast period, growth of traditional toys and games is poised to remain robust, driven by emerging consumer trends, policy initiatives, product innovations and channel restructuring.
Technological advancements continue to accelerate the digitalisation of all our daily routines from shopping, entertainment and socialising through to work and learning. The evolution of the metaverse promises to enable the seamless convergence of our physical and digital lives.
Households globally are transforming in terms of structure, living environment and consumer values. The family structure is evolving to encompass childfree living, which, in turn, leads to demand for less space but more comfort. As consumers seek more convenience, interest in electronics and appliances that complement consumers’ lifestyles grows. Additionally, with changing consumer priorities and increasing access to amenities, homes become not only sanctuaries of comfort, but also a 24/7 place of work and play.
Smart home adoption will accelerate in the near term, as matter-enabled devices become commonplace. Interoperability will enable companies to provide better experiences, while consumers will enjoy improved and more personalised services.
In 2022, the small appliances industry declined as sales normalised from the pandemic peak of 2020 and 2021. Pandemic staples such as kitchen appliances and hygiene-related categories such as vacuum cleaners or air purifiers were the most impacted