Consumers as busy as ever. They are beginning to expect more from companies and want products and services delivered as quickly and simply as possible. Efficiency-driven lifestyles transcend instant gratification. I Want it Now! consumers seek frictionless experiences that mesh with their lifestyles, allowing them to dedicate more time to their professional or social lives. They increasingly turn to apps that help them organise their lives and are especially intrigued by innovations that help them avoid queues, reduce waiting time, and synchronise their personal information and preferences.
The Ultimate App Advantage
Technology, especially the adoption of apps, will continue to drive this trend, and younger consumers will more quickly adapt to digital innovations. For example, there exists a stark difference in the use of services through mobile apps, as younger generations are three times more likely to use a mobile banking app, and twice as likely to use a ride-sharing service, compared to older generations. Companies such as Alibaba and Samsung have become market leaders in markets with high smartphone penetration, but as the digital economy continues to advance in South and Southeast Asia, dominant players in the digital mobile arena are still expected to emerge.
Less Time, More Apps
The efficiency-driven lifestyle trend is driven by those ages 30-44 years, with almost half of this segment indicating that they are willing to spend money on products or services that save them time. This trend is particularly strong in societies with a high rate of development and urbanisation—in 2017, about 53.7% of Chinese respondents were willing to spend money to save time, while over 60% of Indian respondents shared the same sentiment.
Additionally, over 45% of women expressed concern that they are under constant pressure to accomplish tasks compared to about 40% of men surveyed, indicating that female consumers could stand to benefit most from time-saving products and services.
Those who purchased certain items online, including groceries, children’s products and home care and cleaning products, increased from an average of 57% in 2013 to 66% in 2017.