Consumer technology companies have recorded massive growth since 2020 as the new norm for schools and businesses has shifted between the home, office and classroom. According to Statista and the Consumer Technology Association, worldwide consumer tech sales increased from $422 billion in 2020 to a 2022 forecast of $505 billion.
As the world settles on what a new reality looks like, a hybrid model is here to stay. So, what does this mean for brands? Although the demand is strong, consumers are becoming incredibly intentional about how, where and what they purchase. Their behaviors are driving home new messages around loyalty and new business models.
This report focuses on two main areas: consumer technology in the home and shopper purchase behavior.