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Strategy Briefing

New Consumerism and Sharing: Future Power the Smart Meter Revolution

May 2016

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

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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Overview

Why buy this report?

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.

The New Consumerism

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.

Drivers in common

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

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

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.

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New Consumerism

The New Consumerism

Drivers in common

The circular economy

What is driving the move to a circular economy?

Frugal innovation

Drivers of frugal i nnovation

Four obvious examples

This will change the way you live

Smart Meter Introduction

UK energy in numbers

Retail energy in numbers

Change comes and swiftly

Meter installation a revolution

UK projected smart meter installation schedule

UK energy as a proportion of income

The UK Roll-out of Smart Meters

The UK market structure

The ugly, the bad and the good?

UK consolidated market, but disruption spreads

Average UK household energy bill 2015

UK average household usage

Anatomy of a UK energy bill 2015

UK smart meter timeline

Analogue = no dialogue

Digital = information bonanza

UK home appliances most affected

The Wider Geographic Perspective

Why are we concerned about energy grids in developed countries?

Global smart meter deployment

Smart world

The German question

Consumer Interface

Consumer interface

App examples from the US

Watching you

Beyond Savings, Why Does it Matter?

Appliance visibility

Economics and behaviour

Frugal spend to save

Inverting the race to the botto m

Death of the salesman?

I see the future, failure ahead?

Beyond appliances

We can help with that

Quiet please

That is smart

Turning down

Driving research and development

Data security

EU: General Data Protection Regulation

Wireless concerns

Future Prospects

UK agent of change

Big 5 , a real possibility

After the European roll-out period to 2020

Brazil refrigerator giveaway

Acceleration of smart products and systems

Smart services with energy data

Micro-generation

Smart home, smart move

Future Impact

Broad impacts (1)

Broad impacts (2)

Impact appliances (1)

Impact appliances (2)

Impact appliances (3)

Impact home care (1)

Impact home care (2)

Connected future

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Megatrends

Strategy Briefing

New Consumerism and Sharing: Future Power the Smart Meter Revolution

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

The New Consumerism

Drivers in common

The circular economy

Frugal innovation

Want to find out more about this report?

Table of Contents

New Consumerism

The New Consumerism

Drivers in common

The circular economy

What is driving the move to a circular economy?

Frugal innovation

Drivers of frugal i nnovation

Four obvious examples

This will change the way you live

Smart Meter Introduction

UK energy in numbers

Retail energy in numbers

Change comes and swiftly

Meter installation a revolution

UK projected smart meter installation schedule

UK energy as a proportion of income

The UK Roll-out of Smart Meters

The UK market structure

The ugly, the bad and the good?

UK consolidated market, but disruption spreads

Average UK household energy bill 2015

UK average household usage

Anatomy of a UK energy bill 2015

UK smart meter timeline

Analogue = no dialogue

Digital = information bonanza

UK home appliances most affected

The Wider Geographic Perspective

Why are we concerned about energy grids in developed countries?

Global smart meter deployment

Smart world

The German question

Consumer Interface

Consumer interface

App examples from the US

Watching you

Beyond Savings, Why Does it Matter?

Appliance visibility

Economics and behaviour

Frugal spend to save

Inverting the race to the botto m

Death of the salesman?

I see the future, failure ahead?

Beyond appliances

We can help with that

Quiet please

That is smart

Turning down

Driving research and development

Data security

Data security

EU: General Data Protection Regulation

Wireless concerns

Future Prospects

UK agent of change

Big 5 , a real possibility

After the European roll-out period to 2020

Brazil refrigerator giveaway

Acceleration of smart products and systems

Smart services with energy data

Micro-generation

Smart home, smart move

Future Impact

Broad impacts (1)

Broad impacts (2)

Impact appliances (1)