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 moreSep 2020
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While many innovation pipelines have remained frozen due to COVID-19, the rise of the “work from home” consumer has created new opportunities. Fuelled in the short term by digital solutions, many of the pain points associated with new routines and home environments are likely to be addressed better in the longer term through physical goods and services. Unlike many of the COVID-19 trends, greater working from home is likely to be a permanent shift that lasts long after the pandemic fades.
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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.
COVID-19-related lockdowns have had an unprecedented effect on consumer lifestyles and business operations. Many of these effects are expected to ease over time but one of the more permanent changes highlighted by our industry survey data is likely to be working from home. With more consumers working from home on a more regular basis innovation opportunities are likely to arise from some of the changed routines.
One of the key challenges for consumers working from home on a more regular basis is the loss of a productive office environment. Most consumers do not have dedicated spaces within the home to work for extended periods of time, and with multiple individuals potentially using the living space innovation centred on improving space, air and refreshments are likely to be required in the medium term.
Countertop commerce was already an emerging area of interest prior to COVID-19 and the impact of greater remote working is almost certainly going to accelerate the growth and potential for the trend. Coffee machines and pods are the most advanced field within countertop commerce and so similar hot drinks such as tea and soy milk are the natural extension. Additional restaurant-grade office food and drinks are likely to be next.
While most consumers are likely to experience a greater shift in balance from the office to the home office, some consumers are likely to be permanently home based and this could draw office workers into the suburbs, semi-rural areas and even remote destinations. This shift in lifestyle will bring with it new challenges and increase the demand for new services not yet commercially viable such as automated drone delivery.
Increased remote working has been one of the necessities of COVID-19 but will remain long after the pandemic. The loss of footfall to expensive densely-populated urban locations will undermine many business models, in particular foodservice and convenience stores, as well as travel, beauty and fashion boutiques. If consumers do not return to those venues in commercially significant numbers, what is plan B?
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.