“Renting technology products can have an important role to play as consumers look to reduce their spending during the cost of living crisis, but it also has environmental benefits. Brands which promote the sustainability angle can engage higher earners in particular as they are significantly more likely to consider the environmental aspect of electricals than the average consumer.”
– Zach Emmanuel, Consumer Technology Analyst
Key issues covered in this Report
- Technology purchases over the past year.
- Preferences for buying products online or in-store.
- How consumers first found out about a technology product they bought.
- The impact of the cost of living crisis on technology buying and selling.
- How generative AI in search can influence technology buying in the short, medium and long term.
Collapse All
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Overview
- Key issues covered in this Report
- Products covered in this Report
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Executive Summary
- The market
- Percentage of consumers in a healthy financial position reaches lowest point for over four years
- Amazon’s prices make it the most popular retailer for online electrical goods purchases
- Integration of AI into Bing and Google gives a glimpse as to the future of product searching
- Companies and brands
- Smartphone and earbud company Nothing opens first store
- Currys adds Colleague Hub to enable store staff to provide a personalised customer experience
- Apple launches Apple Pickup in new Kensington store
- The consumer
- aptX lossless audio feature is key to maximising Generation Z’s engagement in headphones
- Figure 1: Purchases of technology over the last year, 2023
- Post-sale referral links can help capitalise on power of recommendations
- Figure 2: How consumers found out about the technology product before buying, 2023
- Stronger bonds with internet personalities should boost influencers’ role in technology purchasing
- Figure 3: Preference for buying online or in-store for technology including smartphones and computers, 2023
- Currys’s Colleague Hub can help to simplify TV buying in-store
- Figure 4: Preference for buying online or in-store for technology including wearables and games consoles, 2023
- Asda and musicMagpie partnership will encourage younger generations to sell their old technology
- Figure 5: How the cost of living crisis impacts technology purchase decisions, 2023
- Retailers highlighting products approved by online influencers can help customers
- Figure 6: Attitudes towards reviews, prices and bundles of technology products, 2023
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Issues and Insights
- Highlighting environmental benefit of renting technology purchase will appeal to higher earners
- Including a filter on product searches based on influencer recommendations is likely to appeal
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Market Drivers
- Inflation is the key concern for consumers and brands
- Percentage of consumers in healthy financial position reaches lowest point for over four years
- Amazon’s prices make it the most popular retailer for online electrical goods purchases
- Figure 7: Retailer used for online electrical goods purchase, 2022
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- Figure 8: Retailer used for in-store or online electrical goods purchase, 2022
- Integration of AI into Bing and Google gives glimpse as to future of product searching
- Short-, medium-, and long-term possibilities for generative AI product searching
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Launch Activity and Innovation
- Currys begins selling refurbished technology on its website
- Refurbished devices do not need to be solely focused on the entry level
- Smartphone and earbud company Nothing opens first store
- Samsung runs Unpacked Experiences to promote latest devices
- Currys adds Colleague Hub to enable store staff to provide a personalised customer experience
- Apple launches Apple Pickup in new Kensington store
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Technology Purchases
- Entry level smartphones drive purchases of technology over 2022
- aptX lossless audio feature is key to maximising Generation Z’s engagement in headphones and earbuds
- Figure 9: Purchases of technology over the last year, 2023
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- Figure 10: Purchases of technology over the last year for Generation Z, 2023
- Consumers struggling financially were still significant buyers of technology
- Figure 11: Purchases of technology over the last year, by financial situation, 2023
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Technology Product Discovery
- Post-sale referral links can help capitalise on power of recommendations
- Samsung’s #YouMake campaign is likely to be effective with Younger Millennials who discover products through social media
- Figure 12: How consumers found out about the technology product before buying, 2023
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- Figure 13: How Younger Millennials found out about the technology product before buying, 2023
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Preferences for In-store or Online Purchases
- Stronger bonds with internet personalities should boost influencers’ role in technology purchasing
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- Figure 14: Preference for buying online or in-store for technology including smartphones and computers, 2023
- Currys’s price match puts it in a strong position to take share of online sales away from Amazon
- Figure 15: Preference for buying technology products online, by financial situation, 2023
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- Figure 16: Using online prices to haggle for technology products in-store, 2023
- Currys’s Colleague Hub can help to simplify TV buying in-store
- Figure 17: Preference for buying online or in-store for technology including wearables and games consoles, 2023
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Impact of Cost of Living Crisis on Technology Purchases
- Intent to spend less on technology may only be in the short term
- Figure 18: How the cost of living crisis is impacting technology purchase decisions, 2023
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- Figure 19: Spending less on technology as a result of the cost of living crisis, by household income, 2023
- Environmental bonus of renting technology can appeal to higher earners looking to spend less
- Asda and musicMagpie partnership will encourage younger generations to sell their old technology
- Intent to spend less on technology may only be in the short term
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Attitudes towards Technology Purchases
- Retailers highlighting products approved by online influencers can help customers
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- Figure 20: Attitudes towards reviews, price and bundles of technology products, 2022
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
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