Accessories Sales Bolster Detachable-Lens Camera Market Growth
According to The NPD Group, U.S. consumers continue to express their passion for photography by investing in cameras and accessories, neither of which shows sign of a slowdown in the growing detachable-lens camera market. While point-and-shoot camera sales experienced a 16% decline in revenue (January through July 2011) versus the prior year, sales of detachable lens cameras increased 14%. Overall revenues from camera accessories, excluding memory cards, have increased by 6% over last year.
"To thrive in today's market, retailers and manufacturers should regularly refresh accessory displays that map to new camera capabilities and the evolving consumer," said Liz Cutting, NPD Senior Imaging Analyst. "For the more advanced amateur, that may mean suggesting a tripod upgrade to afford better video capture; while for the first time buyer, detachable lens cameras bundled with accessories are welcome solutions."
According to NPD's "Digital Camera Market Basket" report, within the first six months of ownership, the average consumer spent $244 on additional camera accessories for a detachable-lens camera, which represents more than 20% incremental revenue beyond the camera's price, although first-time detachable-lens camera buyers reported spending less than repeat buyers did on accessories overall. In addition, more than half of repeat detachable-lens camera buyers reported recycling or reusing equipment from prior purchases, such as tripods, camera cases, and memory cards.
Forty-one percent of detachable-lens camera buyers purchased additional accessories not only at the same retailer, but also at the same time they purchased their new cameras. More than half of consumers who purchased detachable-lens cameras for themselves also bought accessories after their initial camera purchases. "Whether your customer is a newbie, or is already experienced in digital photography, it's critical to inspire them by showcasing the latest and greatest camera outfits," Cutting said.[Source: "Digital Camera Market Basket." The NPD Group. 6 Sept. 2011. Web. 12 Sept. 2012.]