Moreover, Insider Intelligence’s ecommerce survey, conducted by Bizrate Insights on 1,066 US adults in August, revealed that 35% of respondents interacted with smart speakers to manage smart home appliances, while only 15% used them to access digital content like music.

In Asia, Xiaomi is a manufacturing powerhouse, producing smart home devices, appliances, electric bicycles, and mopeds. The opportunity: China has the largest EV industry, including more than 300 manufacturers, but the government is struggling with consolidating smaller vendors to manage overcapacity. Despite a glut of EV companies, China doesn’t have a preeminent manufacturer to rally behind.

Best Buy cautioned in its August earnings call that the computing category may experience low demand but is seeing growth in other areas like home theater and appliances. While personal care and health continue to see strong demand this year, the 12.1% growth in cosmetics and beauty will elevate this category.