With the advent of 5G well and truly upon us, we’re understandably excited for what’s to come. Crazy internet speeds, self driving cars, movies being downloaded in mere seconds; you name it, 5G’s got it. I mean, will 5G save your marriage? Probably not but you get what I mean.
That being said, Verizon Media has shared findings from its 5G Advertiser and Consumer Outlook Study SEA 2020, which surveyed over 600 consumers and 140 marketing professionals from Singapore, Malaysia, Indonesia and the Philippines – countries that are targeting to launch commercially viable 5G networks as early as 2020.
The study examines how both consumers and advertisers expect 5G to transform experiences in the very near future.
“Excitement about 5G is spreading across the region, both among consumers and advertisers. This study shines light on what consumers are most looking forward to in a 5G world and the emerging opportunities for advertisers to leverage 5G in new and exciting ways to connect with audiences,”
Francis Fung, Senior Insights Manager, International Consumer Growth Marketing, Verizon Media.
Among the respondents surveyed, 92% had heard about 5G, while 53% said they were ‘extremely excited’ about the technology. However, despite the awareness surrounding 5G, the actual benefits it will bring still remains a mystery for SEA’s consumers and marketers. Only 32% and 20% respectively indicated they were ‘at least moderately familiar’ with the benefits of the technology.
What consumers want most in a 5G world
Respondents had clear expectations on what they would like to gain from the implementation of 5G with speed being a clear winner: Faster data transfer speeds came out on top, with 78% of respondents citing it as the benefit they are most looking forward to and with good reason – with 5G, downloading a full HD movie will only take 4 seconds.
Video rules
On how consumers plan to use 5G’s blazingly fast speeds, video streaming came out on top. It was followed by content downloading, music streaming, gaming and watching TV rounding off the ‘top 5 activities’ will be enhanced with 5G.
Value in 5G
Given the current economic climate, pricing surprisingly did not emerge as a major concern for consumers, with only 14% of respondents feeling that cost is a key concern. More than half (51%) said they were willing to pay more for 5G’s promised speed. On average, most reported they were willing to fork out US$10 more, indicating that consumers are open to paying for better experiences.
It’s no surprise that people are tired of sluggish internet speeds given how often we watch videos on our mobile devices. With companies obviously aware of the trend, it’ll be interesting how they cater to a generation that’s increasingly harder to please.
