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PORT WASHINGTON, N.Y. (PRWEB) June 18, 2018
According to the new TV Ownership Trends Report from NPD Connected Intelligence, as U.S. consumers look to update their televisions, increasing the size and picture quality are the top driving forces. Of the consumers who purchased a 4K/UHD replacement TV1, 45 percent reported buying their new TV because they wanted a larger screen, 39 percent for better picture quality, and 24 percent purchased because pricing became more affordable.
The number of consumers that reported replacing an existing TV with a 4K/UHD TV grew from 23 percent in November 2017, to 28 percent in February 2018. Desire for a modern, high-quality TV in the living room has been a primary factor in the increase in demand for 4K/UHD, as nearly two-thirds (62 percent) of 4K/UHD replacement TVs purchased were installed in the living room.
“Approximately 90 percent of the installed base of TVs in the U.S. is not yet 4K/UHD, meaning there is tremendous opportunity to accelerate the replacement cycle with updated, quality TVs," said Stephen Baker, vice president, industry advisor for The NPD Group. “Screen size and picture quality are driving consumer purchase decisions, instead of price, which seems to indicate that the industry has been slow to address the shifting value proposition of the TV in the home."
In the 12 months ending Feb. 2018, TV sales of 55-inch and larger screens have grown by 8 percent, now representing one-third of U.S. unit sales volume2. Many of these big screen purchases are being made to replace smaller screens in the home - most notably in the living room. According to the new NPD report, the average size of a replacement TV intended for the living room was 52 inches. For all other household rooms the average replacement TV screen size is 43 inches.
“While the number of installed TVs per U.S. household has shrunk slightly in recent years, consumers are continuing to spend on the primary TV in their home, upgrading it to the biggest screen and the best picture they can afford," stated Baker. “Despite the fact that content viewership is splintering among devices, it's important to note that demand for a great TV to occupy a prominent position in home is not diminishing."
1 Replacement TVs are defined as those purchased to replace an existing household TV
2 The NPD Group, Retail Tracking Service, LCD TVs, Based on adjusted unit sales, March 2017- Feb. 2018. Sales are adjusted for 5wk Jan. 2018 vs. 4wk Jan. 2017.
The results of The NPD Group's Connected Intelligence TV Ownership Trends Report are based on NPD's Retail Tracking Service and the quarterly Connected Home survey, which reaches 5,300 U.S. consumers, aged 18+ from diverse regions and demographical backgrounds. They report on more than 12,000 TVs installed within nearly 35,000 household rooms. This survey was completed between January 25, 2018 and February 8, 2018.
About Connected Intelligence
Connected Intelligence provides competitive intelligence and insight on the rapidly evolving consumer's connected environment. The service focuses on the three core components of the connected market: the device, the broadband access that provides the connectivity and the content that drives consumer behavior. These three pillars of the connected ecosystem are analyzed through a comprehensive review of what is available, adopted, and consumed by the customer, as well as reviewing how the market will evolve over time and what the various vendors can do to best position themselves in this evolving market. For more information: http://www.connected-intelligence.com.
About The NPD Group, Inc.
NPD is the leading global provider of market information and business solutions covering brick-and-mortar, e-commerce, and emerging channels in more than 20 industries. We combine our unique data assets with analytic solutions to help our clients measure performance, predict trends, and improve results, advising them to help drive successful growth. Practice areas include apparel, appliances, automotive, beauty, books, consumer electronics, e-commerce, entertainment, fashion accessories, food consumption, foodservice, footwear, home, juvenile products, mobile, office supplies, retail, sports, technology, toys, travel retail, games, and watches / jewelry. For more information, visit npd.com. Follow us on Twitter: @npdgroup and @npdtech.
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