Table of Contents
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Total US sales and forecast of televisions, at current prices, 2015-25
- Impact of COVID-19 on televisions
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- 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
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- Figure 3: Time since last TV purchase, by area, July 2020
- Brand reputation matters less to younger consumers
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- Figure 4: Perceptions of TV brands as reputable, by age group, July 2020
- TVs may feel less central to the household in the future
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- 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
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- Figure 6: Desired TV features, by age group, July 2020
- Televisions are more central to Black and Hispanic households
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- 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
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- Figure 8: Attitudes about TV connectivity, by age group, July 2020
The Market – Key Takeaways
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- 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
Market Size and Forecast
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- TV sales will slow, but still grow
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- 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
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- 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
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- Figure 12: Concern over exposure to COVID-19, March-August 2020
- In-store shopping slowly making a comeback
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- Figure 13: Coronavirus shopping behaviors, April-August 2020
- Consumers are settling in with their tech purchases
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- Figure 14: Change in technology spending priorities, April–August 2020
- COVID-19: Market context
- Learnings from the last recession
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- Figure 15: Television sales, Q1 2006-Q2 2020
Segment Performance
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- Better tech is reaching consumers
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- Figure 16: Features of last TV purchased, July 2020
Market Factors
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- Unemployment improving, but recovery isn’t guaranteed
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- Figure 17: Unemployment and underemployment, January 2007- July 2020
- Figure 18: Disposable Personal Income change from previous period, January 2007-June 2020
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- Figure 19: Consumer Sentiment Index, January 2007-August 2020
- A strong housing market can create demand for TVs
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- Figure 20: Reasons for buying a new TV, by generation, July 2020
Market Opportunities
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- 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
Companies and Brands – Key Takeaways
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- New brands may upset the current market share
- Consumers choose 4K, unless it costs $1K
- Marketing strategies vary
Market Share
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- Market share is stratified, but new players are emerging
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- Figure 21: Smart TV brand ownership – most recently acquired, September-November 2019
- The four-figure TV market is niche, and static
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- Figure 22: Cost of newest television, 2015-19
Competitive Strategies
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- Demands exist beyond the pandemic
- Samsung
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- Figure 23: Samsung 4K QLED mobile ad, January 2020
- Figure 24: Samsung TV online ad, July 2020
- Vizio
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- 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
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- Figure 27: @LGUS CineBeam tweet, July 2020
The Consumer – Key Takeaways
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- 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
Key Consumer Trend Drivers and Televisions
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- Technology
- Identity
- Value
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- Figure 28: Mintel Trend Drivers – Technology, Identity, and Value and Pillars
TV Ownership
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- Consumers under 35, particularly men, drive recent purchases
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- Figure 29: Time since last TV purchase, by gender, July 2020
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- 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
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- Figure 32: Time since last TV purchase, by household income, July 2020
- Spike in purchases by urban residents could disrupt future sales
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- Figure 33: Time since last TV purchase, by area, July 2020
- Parents may be good on TVs for now
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- Figure 34: Time since last TV purchase, by parental status, July 2020
TV Locations
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- TVs live in the living room
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- Figure 35: Location of TVs in household, July 2020
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- Figure 36: Most popular location of TVs, by number of TV-equipped rooms in household, July 2020
- Kids are third in line
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- Figure 37: Incidence of TV in a child’s bedroom, by number of TVs in the household, July 2020
- Younger households are less centralized
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- Figure 38: Location of TVs in household, by age group, July 2020
- Black consumers set up sleep-in theaters
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- 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
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- Figure 40: Location of TVs in household, by HHI, July 2020
Desired TV Features
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- Resolution, sound and appearance are most important
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- Figure 41: Desired TV features, July 2020
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- Figure 42: TURF Analysis – Television features sought, July 2020
- Younger consumers are more holistic in their demands
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- Figure 43: Desired TV features, by age group, July 2020
- Black, Hispanic and Asian households concerned about energy savings
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- Figure 44: Desired TV features, by race and Hispanic origin, July 2020
- Parents look to support peripherals
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- Figure 45: Desired TV features, by parental status, July 2020
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- Figure 46: TV and speaker purchase intent, all vs console players, November 2019
Brand Opinion
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- Sony and Samsung generally favored, Vizio has an important standing
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- Figure 47: TV brand perceptions, July 2020
- Brand reputation matter less to younger consumers
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- Figure 48: Perceptions of TV brands as reputable, by age group, July 2020
- Black and Hispanic consumers value showing off their TVs
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- 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
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- Figure 50: Perceptions of TV brands long-lasting, by HHI, July 2020
Reasons for Purchase
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- Sales can be the push that justifies the purchase
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- Figure 51: Reasons for purchasing most recent TV, July 2020
- Young viewers are the most motivated by occasions
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- Figure 52: Reasons for purchasing most recent TV, by age group, July 2020
- Urban consumers have varied reasons for purchase
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- Figure 53: Reasons for purchasing most recent TV, by area, July 2020
- Sales are a powerful catalyst for the financially comfortable
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- 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
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- Figure 55: Incidence of gifting TVs, by parental status, HHI and race and Hispanic origin, July 2020
TV Research Behaviors
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- In-market consumers go straight to the source for information
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- Figure 56: Behaviors around TV research, July 2020
- Younger consumers use a greater variety of sources
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- Figure 57: Behaviors around TV research, by age group, July 2020
- Asians and Hispanics are informed and influenced
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- Figure 58: Behaviors around TV research, by race and Hispanic origin, July 2020
Role of TV in the Household
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- TV is still central to the home
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- Figure 59: Attitudes about TV’s role in the home, July 2020
- Digital natives feel fewer ties to TVs
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- Figure 60: Attitudes about TV’s role in the home, by age group, July 2020
- Black and Hispanic consumers feel particularly attached to TVs
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- Figure 61: Attitudes about TV’s role in the home, by race and Hispanic origin, July 2020
- TV is essential for parents
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- Figure 62: Attitudes about TV’s role in the home, by parental status, July 2020
Attitudes toward TV Connectivity
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- Consumers are increasingly interested in connectivity
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- Figure 63: Attitudes about TV connectivity, by age group, July 2020
- Asian and Hispanic consumers are the most interested in connectivity
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- Figure 64: Attitudes about TV connectivity, by race and Hispanic origin, July 2020
- Parents want the convenience of connectivity
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- Figure 65: Attitudes about TV connectivity, by parental status, July 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Forecast
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- 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
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Appendix – The Consumer
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- TURF analysis
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- Figure 68: Table - TURF Analysis – Television features sought, July 2020
- Methodology
Appendix – Mintel Trend Drivers
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- Figure 69: Mintel Trend Drivers and Pillars
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