Insights in Five: The Device Dip. How the Recession is Impacting Consumer Electronics
A Suzy Micro Report
Insights in Five:
The Device Dip. How the Recession Is Impacting Consumer Electronics
As the recession looms, consumers are tightening their belts and cutting back on spending. Since most Americans are concerned about the economy, what do they think about buying new electronic devices right now? We asked 1000 consumers to understand if they’re shopping for new devices and what’s driving their behaviors.
58% of respondents said economic uncertainty impacts their desire to buy new devices.
Over the past 6 months, consumers bought:
Of those planning to buy new devices, 20% said they wanted to buy to keep up with technology.
Over the next 6 months, consumers plan to buy:
52%
Of those that don’t plan to buy a new device, 52% said they didn’t “need” one right now.
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Don't plan to buy any new devices
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38% Didn't purchase any devices
17% 30% 19%
58%
25% 21% 19% Smartwatch In-ear headphones PC laptop TAKING A DEEPER LOOK: Smartphone 33% 15% 38%
Smartphone PC laptop Smartwatch Printer
We used the Suzy platform to find out. Suzy is an end-to-end consumer insights platform that integrates quant, qual, and high-quality audiences into a single connected research cloud.
Consumers have some interest in financing electronic devices.
Key Takeaways
A Pulse on Gen Z
20% of Gen Z respondents said they were planning to purchase a smartphone in the next 6 months. 18% said they plan to purchas a PC laptop. As this generation begins to acquire more purchasing power, Hewlett Packard has an opportunity to offer devices to this segment that feature more of the things they care about — like portability, battery life, camera quality, customization, and AR/VR.
Reading the Fine Print
Only 15% of consumers plan to buy a new printer, and many expressed a need to upgrade an old printer or replace a broken one. Several needed a new printer and other devices for their small businesses. By identifying those small business customers who have a continued need for technology in their operations, Hewlett Packard can highlight their value to keep this target segment loyal.
Early Adopters Want to Keep Up
With 20% of consumers planning to buy new devices in order to keep up with their love for new technology, Hewlett Packard has a big opportunity to connect with early adopters. Respondents said they like new trends, want to stay up-todate, and want advanced products. Female respondents were most interested in upgrading to keep up with technology.
Bottom Line:
HP has opportunities to tap into the 48% of consumers that need or want new devices. Focus on messaging targeted to Gen Z, small businesses, and early adopters.
Had some interest in financing options 43% 39% 19% Weren’t interested in financing options Were on the fence