One-in-Four Consumers Plan to Purchase New TV in Next Six Months as Prices Continue to Fall
Screen size and a better picture are the two most important things for prospective TV buyers, according to leading market research company The NPD Group's 2009 TV Inventory Study. One-in-four consumers say they'll most likely be making a new TV purchase in the next six months.
Screen size was cited as extremely or very important by 77% of consumers who said they would be making a new TV purchase. The average screen size being considered by consumers is 40 inches, but one-in-four consumers say they are considering a TV 50 inches or larger. Higher resolution was the second most important feature, with 71% of consumers citing it as extremely or very important.
"Demand for digital television remains strong months after the end of analog broadcasting," said Ross Rubin, director of industry analysis at NPD. "Consumers are taking advantage of greater affordability and buying more TVs with smaller screen sizes. However, many still aspire to larger TVs with higher resolution."
Screen size continues to be a strong driver for consumers, which is good news in this price- conscious environment. With average prices falling dramatically over the past year, consumers can now get more for even less without having to sacrifice the features they want. The average price of 40- and 42-inch flat-panels for the first nine months of 2009 (January — September) was $838, down from $1,150 the same time last year, according to NPD's retail tracking service. The average price of 50- and 52-inch flat-panel TVs dropped from $1,941 during the first nine months of 2008 to $1,409 during the same time this year.
"2009 TV Inventory Study," conducted by The NPD Group, October 20, 2009. Website: www.npd.com.