Technology Buying in The Recession - UK - June 2009
The term ‘technology’ covers a wide variety of sectors, but is in general one characterised by constant innovation. During the boom years, electrical retailers were able to capitalise on this by persuading consumers upgrade what they currently owned. This drove total sales of technology up by 13% between 2004 and 2008 (a total of £6.2bn). But the current recession now presents a challenge to retailers looking to continue this profitable cycle.
How can retailers and manufacturers motivate consumers to buy when economic confidence is so low? The report identifies who is most likely to buy technology right now, and why. At the same time, it identifies those that are unsure of buying technology and suggests ways in which spending can be encouraged. In doing so, it focuses on aspects of new technology that consumers think are the most important.
What impact has the downturn had on the early adopter curve?
Are consumers less willing to take risks with their choice of new technology?
Which technology shoppers have been worst hit by the downturn, and how can retailers develop strategies to broaden the appeal of their products to other niches?
How are the average consumer’s technology needs changing during the downturn, and how can retailers best meet them?
Can consumers continue to keep up with the rapid change and innovations in new technology, especially when they have other pressing (financial) worries?
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