Consumers are attracted to no-frills, affordable versions of tech products
Implications - The ubiquity of tech culture and tech products is influencing a consumer demand for more affordable goods. Whether it be lightweight tablets or smartphones designed for long-term value, the tech industry, previously seen as somewhat elite and inaccessible, is making a turn for the inexpensive. This affordability not only applies to the tech market, but could more broadly influence typically high-end markets like fashion or auto.
Trend Themes
1. Affordable Tech - The ubiquity of tech culture and tech products is influencing a consumer demand for more affordable goods.
2. DIY - Creating affordable tools/apps that democratize processes previously restricted to professionals, or were prohibitively expensive for enthusiasts, is proving to be a popular and profitable niche.
3. Extended Battery Life - Extended battery life in mobile devices is an in-demand trend in the tech industry.
Industry Implications
1. Consumer Electronics - As the market for mass-produced electronics becomes crowded, innovation is being driven by producing for more affordable, niche and specialty products.
2. Photography and Filmmaking - Photography and Filmmaking solutions, both hardware and software, will continue to be in demand as amateur and professional users look for affordable and simple solutions for complex processes.
3. Travel/hospitality - Travel/hospitality solutions are beginning to address the problem of expensive international roaming charges and are gaining momentum in the market.
