2020
9
US Televisions Market Report 2020
2020-09-23T15:18:06+01:00
OX987148
3695
125143
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Report
en_GB
“The strong bond Americans have to television has strengthened the TV market despite the pandemic and should support it even through the recession. TV brands should be taking steps to…

US Televisions Market Report 2020

£ 3,695 (Excl.Tax)

Description

“The strong bond Americans have to television has strengthened the TV market despite the pandemic and should support it even through the recession. TV brands should be taking steps to ensure their products reflect consumer attitudes that the television set isn’t just an electronic device or piece of furniture, but an essential feature of the household.”

– Mike Gallinari, Travel & Leisure Analyst

This report covers the following issues:

  • The impact of COVID-19 on consumer behavior and the television market.
  • How unemployment and other factors impact consumers’ television purchasing decisions.
  • Why consumers purchase televisions and which features are priorities.
  • Consumer attitudes toward the role of the television set in the household.

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • Definition
    • COVID-19: Market context
    • Economic and other assumptions
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Total US sales and forecast of televisions, at current prices, 2015-25
    • Impact of COVID-19 on televisions
      • Figure 2: Short-, medium- and long-term impact of COVID-19 on televisions, August 2020
    • Challenges
    • Urban dwellers’ surge in TV purchases could mean lagging sales in the near future
      • Figure 3: Time since last TV purchase, by area, July 2020
    • Brand reputation matters less to younger consumers
      • Figure 4: Perceptions of TV brands as reputable, by age group, July 2020
    • TVs may feel less central to the household in the future
      • Figure 5: Attitudes about TV’s role in the home, by age group, July 2020
    • Opportunities
    • TV owners – particularly younger owners – want their sets to look good
      • Figure 6: Desired TV features, by age group, July 2020
    • Televisions are more central to Black and Hispanic households
      • Figure 7: Attitudes about TV’s role in the home, by race and Hispanic origin, July 2020
    • Connectivity isn’t the future – it’s now
      • Figure 8: Attitudes about TV connectivity, by age group, July 2020
  3. The Market – Key Takeaways

    • The TV market is holding steady
    • A new era of tech has reached consumers
    • The slow economy will limit long-term recovery
    • Home theaters can become more theatrical
    • Streaming services are a new frontier for advertisers
  4. Market Size and Forecast

    • TV sales will slow, but still grow
      • Figure 9: Total US sales and forecast of televisions, at current prices, 2015-25
      • Figure 10: Total US sales and forecast of televisions, at current prices, 2015-25
    • Impact of COVID-19 on televisions
      • Figure 11: Short-, medium- and long-term impact of COVID-19 on televisions, August 2020
    • Lockdown
    • Re-emergence
    • Recovery
    • High levels of concern about COVID-19 exposure keeps people inside
      • Figure 12: Concern over exposure to COVID-19, March-August 2020
    • In-store shopping slowly making a comeback
      • Figure 13: Coronavirus shopping behaviors, April-August 2020
    • Consumers are settling in with their tech purchases
      • Figure 14: Change in technology spending priorities, April–August 2020
    • COVID-19: Market context
    • Learnings from the last recession
      • Figure 15: Television sales, Q1 2006-Q2 2020
  5. Segment Performance

    • Better tech is reaching consumers
      • Figure 16: Features of last TV purchased, July 2020
  6. Market Factors

    • Unemployment improving, but recovery isn’t guaranteed
      • Figure 17: Unemployment and underemployment, January 2007- July 2020
      • Figure 18: Disposable Personal Income change from previous period, January 2007-June 2020
      • Figure 19: Consumer Sentiment Index, January 2007-August 2020
    • A strong housing market can create demand for TVs
      • Figure 20: Reasons for buying a new TV, by generation, July 2020
  7. Market Opportunities

    • Consumers will bring the theater home
    • Streaming will be the new broadcast
    • 4K will be the growth area as 8K capabilities lag
    • VR could take over niche markets in time
  8. Companies and Brands – Key Takeaways

    • New brands may upset the current market share
    • Consumers choose 4K, unless it costs $1K
    • Marketing strategies vary
  9. Market Share

    • Market share is stratified, but new players are emerging
      • Figure 21: Smart TV brand ownership – most recently acquired, September-November 2019
    • The four-figure TV market is niche, and static
      • Figure 22: Cost of newest television, 2015-19
  10. Competitive Strategies

    • Demands exist beyond the pandemic
    • Samsung
      • Figure 23: Samsung 4K QLED mobile ad, January 2020
      • Figure 24: Samsung TV online ad, July 2020
    • Vizio
      • Figure 25: Vizio SmartCast 4.0, August 2020
      • Figure 26: @VIZIO movie night tweet, August 2020
    • LG tries to breathe life into a niche product
      • Figure 27: @LGUS CineBeam tweet, July 2020
  11. The Consumer – Key Takeaways

    • Young men drive recent purchases
    • The living room and bedroom are prime TV locations
    • Picture and sound are the most important qualities
    • Sony and Samsung are seen most favorably
    • The ownership cycle still depends on replacement
    • Consumers inform themselves before buying
    • TV holds a central place in the home
    • Connected households have a future through the TV
  12. Key Consumer Trend Drivers and Televisions

    • Technology
    • Identity
    • Value
      • Figure 28: Mintel Trend Drivers – Technology, Identity, and Value and Pillars
  13. TV Ownership

    • Consumers under 35, particularly men, drive recent purchases
      • Figure 29: Time since last TV purchase, by gender, July 2020
      • Figure 30: Time since last TV purchase, by age and gender, July 2020
      • Figure 31: Reasons for purchasing a TV in the last six months, by males aged 18-34, July 2020
    • Income has little bearing on purchasing
      • Figure 32: Time since last TV purchase, by household income, July 2020
    • Spike in purchases by urban residents could disrupt future sales
      • Figure 33: Time since last TV purchase, by area, July 2020
    • Parents may be good on TVs for now
      • Figure 34: Time since last TV purchase, by parental status, July 2020
  14. TV Locations

    • TVs live in the living room
      • Figure 35: Location of TVs in household, July 2020
      • Figure 36: Most popular location of TVs, by number of TV-equipped rooms in household, July 2020
    • Kids are third in line
      • Figure 37: Incidence of TV in a child’s bedroom, by number of TVs in the household, July 2020
    • Younger households are less centralized
      • Figure 38: Location of TVs in household, by age group, July 2020
    • Black consumers set up sleep-in theaters
      • Figure 39: Location of TVs in household, by race and Hispanic origin, July 2020
    • Helping hobbies are a potential marketing vector for higher income households
      • Figure 40: Location of TVs in household, by HHI, July 2020
  15. Desired TV Features

    • Resolution, sound and appearance are most important
      • Figure 41: Desired TV features, July 2020
      • Figure 42: TURF Analysis – Television features sought, July 2020
    • Younger consumers are more holistic in their demands
      • Figure 43: Desired TV features, by age group, July 2020
    • Black, Hispanic and Asian households concerned about energy savings
      • Figure 44: Desired TV features, by race and Hispanic origin, July 2020
    • Parents look to support peripherals
      • Figure 45: Desired TV features, by parental status, July 2020
      • Figure 46: TV and speaker purchase intent, all vs console players, November 2019
  16. Brand Opinion

    • Sony and Samsung generally favored, Vizio has an important standing
      • Figure 47: TV brand perceptions, July 2020
    • Brand reputation matter less to younger consumers
      • Figure 48: Perceptions of TV brands as reputable, by age group, July 2020
    • Black and Hispanic consumers value showing off their TVs
      • Figure 49: Perceptions of TV brands as worth showing off, by race and Hispanic origin, July 2020
    • Consumers with lower incomes see brand-agnostic durability
      • Figure 50: Perceptions of TV brands long-lasting, by HHI, July 2020
  17. Reasons for Purchase

    • Sales can be the push that justifies the purchase
      • Figure 51: Reasons for purchasing most recent TV, July 2020
    • Young viewers are the most motivated by occasions
      • Figure 52: Reasons for purchasing most recent TV, by age group, July 2020
    • Urban consumers have varied reasons for purchase
      • Figure 53: Reasons for purchasing most recent TV, by area, July 2020
    • Sales are a powerful catalyst for the financially comfortable
      • Figure 54: Reasons for purchasing most recent TV, by financial outlook, July 2020
    • Holiday sales attract Hispanics and parents, as well as low-HHI consumers
      • Figure 55: Incidence of gifting TVs, by parental status, HHI and race and Hispanic origin, July 2020
  18. TV Research Behaviors

    • In-market consumers go straight to the source for information
      • Figure 56: Behaviors around TV research, July 2020
    • Younger consumers use a greater variety of sources
      • Figure 57: Behaviors around TV research, by age group, July 2020
    • Asians and Hispanics are informed and influenced
      • Figure 58: Behaviors around TV research, by race and Hispanic origin, July 2020
  19. Role of TV in the Household

    • TV is still central to the home
      • Figure 59: Attitudes about TV’s role in the home, July 2020
    • Digital natives feel fewer ties to TVs
      • Figure 60: Attitudes about TV’s role in the home, by age group, July 2020
    • Black and Hispanic consumers feel particularly attached to TVs
      • Figure 61: Attitudes about TV’s role in the home, by race and Hispanic origin, July 2020
    • TV is essential for parents
      • Figure 62: Attitudes about TV’s role in the home, by parental status, July 2020
  20. Attitudes toward TV Connectivity

    • Consumers are increasingly interested in connectivity
      • Figure 63: Attitudes about TV connectivity, by age group, July 2020
    • Asian and Hispanic consumers are the most interested in connectivity
      • Figure 64: Attitudes about TV connectivity, by race and Hispanic origin, July 2020
    • Parents want the convenience of connectivity
      • Figure 65: Attitudes about TV connectivity, by parental status, July 2020
  21. Appendix – Data Sources and Abbreviations

    • Data sources
    • Forecast
    • Consumer survey data
    • Direct marketing creative
    • Abbreviations and terms
    • Abbreviations
    • Terms
  22. Appendix – The Market

      • Figure 66: Total US sales and forecast of televisions, at current prices, 2015-25
      • Figure 67: Total US sales and forecast of televisions, at inflation-adjusted prices, 2015-25
  23. Appendix – The Consumer

    • TURF analysis
      • Figure 68: Table – TURF Analysis – Television features sought, July 2020
    • Methodology
  24. Appendix – Mintel Trend Drivers

      • Figure 69: Mintel Trend Drivers and Pillars

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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