Insights in Five:
The Vibe is Off. Are TikTok Users Buying New Devices?
A Suzy Micro Report
Insights in Five:
The Vibe is Off. Are TikTok Users Buying New Devices? Right now on TikTok, videos tagged with #recession have 338.3M views, while #inflation has racked up 2B views. Since TikTok users are concerned about the economy, what do they think about buying new electronic devices right now? We asked 1000 TikTok monthly active users (MAU) to understand if they’re shopping for new devices and what’s driving their behaviors.
75% of TikTok MAU said they were concerned about facing a potential recession.
Over the past 6 months, TikTok MAU bought:
40%
35%
Smartphone
25%
75%
In-ear headphones
TAKING A DEEPER LOOK:
18%
18%
Smartwatch
PC laptop
Didn't purchase any devices
Respondents were willing to fork out money for a new device only if they had one that was old or outdated.
Over the next 6 months, TikTok MAU plan to buy:
62%
38%
32%
Don't plan to buy any new devices
Smartphone
62% of respondents said that the economic uncertainty is impacting their desire to buy new devices.
21% PC laptop
16%
16%
In-ear headphones
Smartwatch
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Consumers have some interest in financing electronic devices.
Key Takeaways Users' Devices are Up-to-Grade
48%
Had some interest in financing options
Almost half (40%) of TikTok MAU bought a smartphone in the last six months. With the release of the new Apple iPhone 13 in late 2021 and the Samsung Galaxy S22 Ultra in early 2022, shoppers likely upgraded to take advantage of new features, like better cameras. Another third (32%) plan to upgrade their smartphone in the next six months.
Money Matters 37%
Weren’t interested in financing options
17%
Were on the fence
When consumers shop for devices, they usually purchase electronics themselves. 67% of respondents told Suzy they didn’t buy electronic devices with a gift card or credit card points or receive a device as part of a promotion. Since they’re paying for electronics out-of-pocket, financing is a more attractive option in the downturn. Nearly half (48%) of TikTok MAU said they're interested in financing.
Early Adopters Want to Keep Up Most consumers planned to upgrade only if their devices were old or outdated. But 14% of TikTok MAU plan to buy new devices in order to keep up with their love for new technology. Respondents wanted to stay up-to-date with technology, improve their lives, and enjoy better speed and performance. Female respondents were most interested in upgrading to keep up with technology.
Bottom Line: Most consumers have already upgraded their devices. For those that plan to in the next few months, financing options and the latest innovations may help drive purchase.