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 For instance, items like wild rabbit, present in the 1947 list, have been replaced by those more relevant to modern lifestyles.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.