Desire for Bigger Screens Is Driving Replacement TV Purchases in the U.S.
PORT WASHINGTON, N.Y., Dec. 20, 2018 /PRNewswire-PRWeb/ -- Looking to purchase a bigger TV to replace your current model? You are not alone. According to the TV Ownership Trends Report from NPD Connected Intelligence, 40 percent of U.S. consumers who replaced a TV over the last two years were most motivated by a desire to purchase a bigger screen. In fact, 40 percent of replacement TVs[1] purchased had a screen size of 50+ inches, with 15 percent of those made up by TV screens 60-inches and larger.
In the 12 months ending October 2018, TV sales of 55-inch and larger screens grew 6 percent and represented 63 percent of dollar sales and 32 percent of unit sales. During that timeframe, 75-inch+ TVs saw the largest dollar share gain, now making up 10 percent of dollar sales, according to NPD's Retail Tracking Service[2].
"In 2017, 39 percent of TV unit sales for the year occurred in the fourth quarter, as consumers took advantage of holiday promotions to purchase gifts or upgrade their own viewing experience," said Stephen Baker, vice president, industry advisor for The NPD Group. "Consumers are purchasing bigger and better TV screens, especially for the primary viewing room - the living room - and we expect that trend to continue beyond the holiday season and into the New Year, as manufacturers and retailers gear up for Super Bowl sales."
When looking at the week of Thanksgiving and Black Friday, sales of 55-inch+ TVs grew to nearly 70 percent of dollar sales and 43 percent unit sales. Driven in part by holiday promotions, 55-inch and 65-inch TVs were the top selling by units, with 65-inch TVs taking the top spot in dollar sales[3].
[1] Replacement TVs are defined as those purchased to replace an existing household TV.
[2] The NPD Group, U.S. Retail Tracking Service, LCD TVs, Nov. 2017- Oct. 2018. Sales are adjusted for 5wk Jan. 2018 vs. 4wk Jan. 2017.
[3] The NPD Group, U.S. Weekly Retail Tracking Service, LCD TVs, Week ending November 24, 2018.
Methodology
The results of The NPD Group's Connected Intelligence TV Ownership Trends Report are based on NPD's quarterly Connected Home survey, which reaches 5,677 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 July 30, 2018 and August 7, 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.
SOURCE NPD
