“According to NPD’s Checkout E-commerce data, online technology spending in the U.S. increased 10% in the 12 months ending March 2019 compared to year ago. But while consumers are increasingly shopping online, consumers aged 18-34, 35-54, and 55+ are prioritizing their spend across major technology categories differently.”
Just when consumers thought they’d seen it all with respect to bells and whistles on their televisions, manufacturers are ready to sell something new. This year, large screen TVs with extra slim profiles will be lining store shelves. To move these products, both manufacturers and retailers will be rolling out new ad campaigns.
Small TVs got a boost last June when the government mandate to switch to digital broadcasting took effect, but a year later, amidst a stronger economy, sales of smaller TVs have slowed as consumers are exploring bigger screens and advanced features, according to leading market research company The NPD Group. Sales of 19″ to 37″ flat-panel TVs in the U.S. were down 21% year-over-year in June according to NPD’s Retail Tracking Service. As prices continue to drop and consumer interest turns to connected televisions, LED backlighting, and 3D – features that are more likely to be prominent in larger sets – consumers are trading up for larger TV screens.
Screen size and a better picture are the two most important things for prospective TV buyers, according to the new study, “2009 TV Inventory Study,” conducted by The NPD Group. One-in-four consumers say they’ll most likely be making a new TV purchase in the next six months. 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.
Given the slowdown in consumer spending on furniture and home electronics, it’s no surprise that marketers are looking for new strategies to grow sales. An article posted in Twice last month summarized the historical tendencies of department stores and furniture stores to cross-merchandise furniture and TVs, one of the earliest pieces of consumer electronics. But the specialty retailing trends of the last decade led consumers to purchase electronics in one type of store and home furnishings in another. All that seems to be changing.