As Economy Improves, Consumer Demand for HDTVs Increases
As the economy continues to improve, consumer demand for HDTVs continues to increase. Two-thirds of U.S. households now own a high-definition television, and more Americans plan to buy one in the coming months as the economy begins to recover, according to a report from the Consumer Electronics Association (CEA). In fact, nearly a quarter of Americans (23%) plan to buy an HDTV in the next 12 months.
The CEA says video products continue to be the top consumer electronics device U.S. consumers own, with 65% of U.S. homes now owning at least one HDTV set, up 13% from 2009. Consumers are also buying HDTVs as secondary sets. The average household now has 1.8 high-definition televisions, up from 1.5% in 2009.
“A drop in price, widespread availability of HD content and successful completion of the digital television transition last year have all led to an increased ownership rate for HDTV’s,” said Brian Markwalter, vice president of research and standards for the CEA.
Larger screen sizes are expected to resume share growth in 2010 and beyond as economic conditions continue to improve. Advanced technologies like LED backlights and 3D are expected to provide a further catalyst for growth, particularly in higher price point products where the premiums are more acceptable. LED backlight LCD TVs in particular are poised for explosive growth in 2010 as nearly every major TV brand will introduce a wide variety of models and sizes with aggressive targets for growth, according to DisplaySearch.
The CEA also says 86% of U.S. households now own at least one computer, making computers the third-most owned consumer electronics product behind televisions and DVD players.[Source: Data compiled by Consumer Electronics Association (CEA). n.d. Web. 10 May 2010; “HDTV Demand Outlook Improves in 2010 Powered by LED and LCD Sales.” Home Theater Review.com. 3 Jan. 2010. Web. 10 May 2010.]