I would agree that physical objects will have a lesser importance as time goes on. It is really a just an algorithm. How much time one has in a day and how they choose to use that time. If a greater percent of time (and there is no denying it is) is being devoted to InstaSnapYouFaceChatBookGramGoogling, less time can be used camping, fishing, sports, hobbies of yesteryear, cars, motorcycles, etc.
Less time devoted to physical objects will lower demand. Everyone blames online sales for the fall of ToysRUs, but is there anyone blaming the fact that apps get more time than some plastic horse?