The frustration expressed on social networking sites about o2’s recent technology problems highlights just how integral mobile phones have become to our lives. In emerging markets the impact of technology has been even more profound.
A recent study we did in the 16-34 age group found that 95% of Nigerians felt their mobile phone was important to them, with 84% saying it’s very important. A possible reason for this is the increasing reliance in growth markets to use their devices to receive payments and use m-commerce, a trend highlighted in our Mobile Banking and Payments in Emerging Market Report.
It takes 26 hours for the average person to report a lost wallet. It takes 68 minutes for them to report a lost phone.— On Device Research (@ondevice) July 20, 2012
The same research study also revealed China as the nation who felt their device was least important (76%) with only 45% saying it’s very important. As disposable incomes increase in China (some estimates predict over 70% of China will be classified as middle class by 2030) their demand and subsequent reliance on consumer products such as mobile devices is likely to increase further.
Photo: William Hook