At Boundless, we closely monitor the evolution of technology and lifestyle trends and their impact on industries and daily life. The recent inclusion of virtual reality (VR) headsets in the UK Office for National Statistics’ (ONS) inflation basket of goods highlights the broader significance of these trends. They not only affect personal consumption but also play a role in how economists measure the cost of living.
The ONS inflation basket, now comprising 752 items, represents the spending patterns of the UK. By tracking the prices of these goods and services, the ONS calculates monthly inflation rates, which are crucial for economic decisions such as adjusting benefits and pensions, setting interest rates, and negotiating wages.
The basket is updated annually to reflect new trends and consumer behaviours, providing insights into societal changes. For instance, items like wild rabbit, present in the 1947 list, have been replaced by those more relevant to modern lifestyles. This year, 23 items, including VR headsets, were added, while 15 were removed, reflecting not only changing tastes but also the growing integration of technology into everyday life.
At Boundless, we witness this trend as immersive technology transforms various sectors such as training, health & safety, events, and broadcasting.
Stephen Burgess of the ONS highlighted the significance of this shift, stating,
"The addition of virtual reality headsets for the first time shows our appetite for emerging technology."
The ONS predicts a rise in VR headset spending from £347m in 2022 to £520m by 2029, emphasising the growing importance of VR in entertainment, education, and professional development.
For us, this year’s ONS update signifies a larger trend – technology, and especially immersive experiences, are now central to shaping economies, industries, and lives. By utilising new technologies like VR, we enable individuals and organisations to adapt and thrive in this evolving landscape. We are excited to see where these trends will take us next!
Source: https://www.bbc.co.uk/news/articles/c0kgr0ryd5xo
