Megatrends: Digital Living – A Framework for the Future

July 2023

This report is part of Euromonitor International’s Megatrends series. It focuses on the Convenience Megatrend, one of Euromonitor's 10 megatrends impacting business, exploring the forces driving consumers’ prioritisation of convenience, how the trend manifests in terms of consumer behaviour and purchase motivations, and summarises the main practices that businesses should know about to best serve consumers seeking convenience.

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This report comes in PPT.

Key Findings

USD600 billion market opportunity in 2030

The launch of Matter, an open-source industry standard, will accelerate adoption of smart appliances, electronics and related services. As building a smart home becomes easier, the market will expand. We expect the market to be greater than USD600 billion in 2030.

Everything will be personalised

Personalisation will be greatly accelerated. Consumers will gain access to personalised health, fitness, medical, meal, and many other services. More than 50% of respondents in a 2022 survey want products and services that are personalised.

Everything is being connected

Everything down to the simplest light bulb is now connected. As a result, each person is estimated to generate 2MB of data every second. In China, for categories such as TVs and robotic vacuum cleaners, almost 100% of the products sold are now smart devices.

Consumers have asymmetric power

Every consumer story has the potential to go viral. Corporations are at a disadvantage as it is a match-up of one corporation against many consumers. A responsive and engaged corporate PR will be critical for corporations selling to the Digital Living consumer.

First-mover advantage

There is no single vision of the metaverse. This fragmentation is an opportunity for first movers to shape the future. The metaverse hardware market has the vibe of the smartphone market in its early days.


Megatrends: Digital Living – A Framework for the Future
Leaders harness megatrends to disrupt a market
Key findings
The rise of Digital Living
The pillars of Digital Living
The pillars of Digital Living in detail
Opportunities and challenges
Digital Living: What to focus on
Hyperconnected “always on” digital lives bring the expectation of instant gratification
The immediacy of shopping online appeals to our “life on demand” instincts
Consumers are surrounded by on-demand services
TaskRabbit is your on-demand handyman
Easee allows consumers to take an eye test from the comfort of their homes
The internet of everything means hyperconnectivity and data generation
Everything is being connected, with China leading the way in terms of hyperconnectivity
IoE goes beyond connectivity, with focus on services, AI and automation
Haier’s scenarios use AR to help you build your smart home
Consumers want to feel unique and seek personalised experiences
Any story can go viral, giving consumers an asymmetric power versus corporations
Consumers’ focus on sustainability has led to a change in corporate focus
Each SHEIN Haul video influences other consumers to shop more
Consumers expect a customised digital experience, no matter where they go
Livestreaming gives each consumer the feeling of centricity and community
Automated kitchens of the future are being designed to cater to individual diets
Stitch Fix combines AI algorithms with human stylists
The metaverse brings the digital world to life
The current state of the metaverse
“Enhanced engagement” in the virtual world appeals to younger audiences
Despite high interest, actual engagement in the metaverse remains low
Building “enhanced engagement” for the future
Samsung: Smartphone launch in the metaverse could set the trend moving forward
Tencent: Building metaverse ecosystem around its portfolio
Companies are moving fast to shape our metaverse experience
The metaverse hardware market has the vibe of the smartphone market in its early days
The industry values metaverse contribution for today’s performance
Importance of AI in metaverse development
Digital twin is key to build a metaverse ecosystem
Lowe’s: Reinventing retail with industrial metaverse (digital twin)
Roblox: Integration of Generative AI in the metaverse
Digital Living will be one of the fastest growing trends in the next 10 years
Growth will come from Middle East and Africa and Eastern Europe
Digital Living in smart homes has huge opportunity as consumers demand more connectivity
Privacy worries will continue to be a challenge to digital living
Key takeaways
Leverage the power of megatrends to shape your strategy today


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