Survey Finds Disruptive Technologies Remain Early in Their Adoption Cycle
~~ Consumers are 7 times more likely to use their credit card on a weekly basis than a mobile wallet
NEW YORK, Sept. 5, 2019 /PRNewswire/ -- Global X ETFs, the New York-based provider of exchange-traded funds, released the results of a consumer insights survey, "Consumer Adoption of Disruptive Technologies," which shows substantial room for further comfort with, and adoption of, revolutionary technologies.
Among the major disruptions of the digital age, the replacement of physical retail consumption with online shopping has been one of the most widely adopted, yet the survey finds additional potential for advancing this trend. One in five surveyed said they would still not feel comfortable purchasing almost anything online without having seen the item in person first. Respondents showed greater comfort buying smaller-ticket items online, with 55%, willing to buy clothes online, and a significant portion willing to purchase shoes (43%), cosmetics (42%), or consumer technologies (42%). For fresh foods and large-ticket items, however, consumers showed more caution. Less than 12% would purchase fine jewelry or fresh groceries online without having seen it in person first, and only 7% of shoppers would buy a car in this manner.
Adoption of other disruptive technologies shows even more nascency for areas like the internet of things (IoT) and electric vehicles (EVs). Respondents indicated that less than one in ten operate smart home devices like home security cameras (8%), lighting (7%), climate control (6%), or kitchen appliances (3%) from their smart phone. On the transportation front, less than 5% of consumers use an electric vehicle on at least a weekly basis. 17% of those surveyed, however, indicated that they expect to purchase an electric vehicle within the next five years, a sign that electric vehicle adoption could be ready to surge.
"What stands out is that we're still very clearly in the early stages of these technologies fully disrupting the legacy segments of the economy," said Jay Jacobs, head of research and strategy at Global X. "Technology has advanced at such a rapid pace that consumers are still familiarizing themselves with these revolutionary products. It's incredibly exciting to see just how much more room there is to grow for these burgeoning industries."
On the whole, Millennials are most comfortable with new technologies, indicating that they are likely to lead the charge of adoption these new products and services. Millennials show higher degrees of comfort for tasks to be completed by robots, including home cleaning (49%), caring for the elderly (21%), and conducting medical procedures or operations (13%). They are also much more likely to use mobile payments platforms on a regular basis, with 31% indicating weekly usage of mobile wallets, and 27% for peer-to-peer payments. By contrast, only 6% and 1% of Baby Boomers used these services weekly, respectively.
With respect to the impact of robotics and artificial intelligence on one's job prospects, Millennials again showed more comfort with the technology. Over a third (37%) expecting any automation in their job to be a net positive, and just 18% expecting a negative impact. Baby Boomers were the most negative, with 19% expecting a positive change, and 17% expecting a negative one, still representing a net positive outlook on workplace automation. This comes in contrast to many concerns about automation, and supports that robots and AI may instead free humans up from menial and repetitive tasks.
ABOUT GLOBAL X
Global X was founded in 2008 with the mission of listening to and empowering clients to invest wisely in unexplored and intelligent solutions. Our product lineup features more than 60 ETF strategies. While we are distinguished for our Thematic Growth, Income and International Access ETFs, we also offer Core, Commodity, and Alpha funds to suit a wide range of investment objectives. Global X is a member of Mirae Asset Global Investments Group, a Seoul-based global enterprise which offers asset management expertise worldwide. Explore our ETFs, research and insights, and more at globalxetfs.com.
Disclosures:
Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit or guarantee against a loss. This information is not intended to be individual or personalized investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.
Information provided by Global X Management Company LLC (Global X) and SEI Investments Distribution Co. (SIDCO). Global X and SIDCO are not affiliated.
SOURCE Global X ETFs
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article