“When buying a new TV, retail stores are still a dominant influence in the decision-making process”
Over half of British consumers buying a new TV are doing so because they are replacing an existing, working set (44 per cent) or buying an additional set (16 per cent).
This is according to new findings from research and analytics company, GfK. As well as this, only around a third of new TV purchases are to replace a faulty set (35 per cent). The High Dynamic Range (HDR) feature is particularly important to those upgrading or buying an additional product, compared to those replacing a faulty device, GfK reported.
This trend is in strong contrast to Germany, where more than half of new TV purchases are to replace a broken product.
Adding to this picture of UK consumers wanting newer and better models long before the existing one breaks or becomes obsolete is the fact that 12 per cent are replacing TV sets that are no more than two years old. This is particularly relevant amongst younger consumers – those aged 16-34 – where roughly one in five look to buy a new model even though their existing one is less than two years old.
This dynamic of early replacement is also seen in other segments of the UK consumer durables and tech market: 12 per cent of new dishwasher purchases and 10 per cent of washing machine purchases are to replace functional products that are two years old or younger.
Megan Moore, GfK’s head of technology and durables in the UK, commented: “Brands can readily capitalise on this trend by targeting the particular segments who are seeking to replace large appliances at regular intervals, and by really understanding the factors that prompt their purchase decision. For example, a third of those aged 25 to 34 are spurred to upgrade by stimuli such as advertising – and we can segment even further, to show which touchpoints work best for reaching, for example, 25 to 29-year-olds who might be persuaded to an upgrade to a 4K, 65-inch television.”
Further findings from GfK’s Consumer Insights Engine:
- Around one in 10 UK consumers are highly proactive, seeking to replace products within two years, long before the existing one breaks or becomes obsolete;
- Consumers can be inspired to upgrade by strong above-the-line marketing;
- When purchasing a new TV, bricks and mortar stores are still a dominant influence in the final decision-making process.