The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreMay 2016
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This report investigates the impact of smart energy metering to domestic homes, with a focus on the UK where roll-out is beginning in 2016, but also with a broader global perspective. In light of the analytics industry growing around this sector, this report looks to demonstrates how “New Consumerism”, particularly in the form of “Frugal Innovation”, “Buying Time” and also “Sharing Economy” in the context of data sharing will be a significant factor in turning major markets on their head.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
As consumers reassess their priorities and increasingly ask themselves what they truly value, a host of major consumer trends have emerged: from the sharing economy to the preference given to experience over possessions, to frugal innovation and trading up and down. This shift towards new priorities, which Euromonitor International has termed “The New Consumerism”, is impacting across a multitude of industry sectors and has the power to transform even more established markets.
The UK retail energy market comes under focus as the drive to introduce smart meters into UK homes is about to begin in earnest. Smart metering is a further example of how technology will influence the way consumers “consume” and in this specific case how they view their behaviour and energy usage as it relates to homes and appliances. While this report does not focus on every aspect of “new consumerism” as set out in the same titled report it does touch on ideas surrounding “Circular Economy”, “Sharing Economy” and “Frugal Innovation”.
This is one report in a wide-ranging series, exploring how “The New Consumerism” is impacting across industries.
The New Consumerism unites many of the key consumer trends of our time and these trends share many of the same drivers. Understanding these drivers and the trends themselves is vital in order to reach consumers today and tomorrow.
Smart meter roll-out and data usage will be supported by no less than four of the key drivers associated with new consumerism, namely thrift, sustainability, technology and simplicity. These drivers will be explored in more detail in this report as they apply to retail energy and smart metering roll-out.
The circular economy is one where everything is reused and nothing is wasted. It is the antithesis of the linear “build, buy, bury” model of a one-way stream of raw material to factory, to user, then to landfill. It has the potential to completely transform the way in which we do business. Resource-intensive industries are at the heart of the debate, but the principles of the circular economy will continue to gain traction across all sectors.
Frugal innovation signifies eliminating non-essential and often costly features from a product or service. At its heart, frugal innovation is about focusing on customers, observing their core needs and designing products, services and business models that meet these needs. At its best, this is about starting the design process from the very beginning, rather than modifying existing products.
Frugal innovation can be a win-win for business, because it is a process that is sustainable, cost effective, and potentially very rewarding in terms of extending reach to new consumers. Originally developed in emerging markets, or targeted at emerging market consumers, it has gained traction in developed economies.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.