I always find it silly when researchers and pundits talk about “consumers” like they’re not in the room. Consumers, if you didn’t already know, are you and me. Everyone, really. And it’s an especially silly term to use since those researchers, report authors, executives and talking heads are actually consumers themselves. We all buy materials and we all consume modern tech, from the people with the least wealth to the people in the top 1% of the wealth range.
But one thing we can all agree on when it comes to these reports is it’s a great way to discern what’s happening in a general sense. For example, the market is a bit volatile right now and there’s a lot of talk about downtrends and recessions. I won’t comment on why that’s happening or what I believe is going on, but if we dig into certain data, it reveals quite a bit, and not just through inference. We can see when consumer spending slows down, meaning people are buying less stuff because they don’t have as much extra money. We can also see when people are cautious about adopting a new technology, and spending on said gear is stagnant.
Well, a new report from Assurant — a technology services provider — highlights how the general public feels about innovative tech, not unlike the gear we cover here at Techigar. The report is surprisingly positive, with tendrils of hope in there, mixed with a bunch of healthy skepticism. Let’s roll up our sleeves and dig in, shall we?
What is this report and why should you care?
Named the Connected Consumer Trends Report, a team from Assurant compiled it. To understand the information gathered, that team developed what’s called the Tech Sentiment Index (TSI) which offers a measure of people’s feelings and emotions towards technology. Using the system, we can tell if they’re frightful, anxious, angry, or feeling any other type of way.
According to the team, this year’s TSI measurement comes in at 58.7. While they say that score “leans slightly positive,” it also means there’s quite a bit of skepticism to consider, too. In other words, it shows a “complex array of emotions,” which, honestly, no kidding, right? With so much going on right now tied to modern technology, it sure makes sense.
Digging into the data
Some of the insights are eye-opening, but also expected. Like the data related to AI. About 57% of correspondents are concerned AI will lead to significant job losses. And it probably will because corporations are soulless and don’t care about uprooting anyone, neither does a lot of the tech world. But also, only 31% of people find AI trustworthy. Sorry ChatGPT supporters.
A stirring 44% of people express frustration about the high cost of technology. And I agree. The markup of some of these devices and gear is pretty gnarly. Meanwhile, 48% of people are more likely to purchase new tech if a protection plan is included — nice one, Assurant. It’s obvious why they threw that one in there, but it also shows that people want safety and security even when it comes to their technology. Spending thousands of dollars on a new phone only to have it break, malfunction, or get lost somewhere — which is more likely than you think — is no fun. And a lot of tech companies are banking on you having to replace your devices. Allow me to remind you planned obsolescence is a thing.
As for why we should all care, it goes back to what I said in the intro about getting a sense of the current market. By understanding how people are feeling about the state of modern technology, we have a measurement to gauge our own feelings and emotions, and potentially insights into the future of the market. If people are highly against tech, then it’s likely new solutions aren’t going to sell. For now, we can gather sentiment is mostly positive.
Few people want to cut their dependence on technology
Interestingly, 24% of people want to spend less time on their devices. Despite that, 19% doubt they will be able to cut back on screen time. That’s because everything these days requires some form of technology or screen use. Shopping, even for groceries, now requires online and mobile app usage. Applying for jobs is all done online and through various job platforms and social media networks. Organizing social gatherings, parties, or family get-togethers is all done via screens. As is dating, making restaurant reservations, traveling, and much more. I could keep going, but you get the gist.
As much as I love technology myself, there’s definitely room for commentary on its over-usage and our over-reliance.
Ultimately, the takeaway from this report, ignoring the little nuggets of consumer-data, is that while people feel generally positive about technology, with reactions like curiosity, excitement and hope, they’re also cautious about its future, with high reactions of skepticism, anxiety, and even some indifference. It makes perfect sense, but a lot of that concern centers around privacy, data security and the complexity of new technology solutions such as AI. Considering so many companies have shown just how negligent and indifferent they are to protecting their customers, I don’t blame anyone. Every day we hear about a new data breach, new customers affected and millions, if not trillions, in damages due to cyber attacks. Cutting corners on data security to save some money is also a big thing. Greed is unfortunately one of the underpinnings of our society.
The insights from this story were originally shared by Assurant.
