Wednesday, April 15, 2020

53% of US broadband households claim that they value technology more now than before

COVID-19 outbreak impacts consumer consumption patterns of health, entertainment, and smart home solutions, while CE purchase intentions have increased

International research firm Parks Associates released new research today showing 53% of US broadband households claim that they value technology more now than before, following the outbreak of COVID-19 and the resulting social distancing and stay-at-home orders across the country.

COVID-19: Impact on Consumer Spending and Behavior, fielded between March 8 and April 3 to US heads of broadband households, examines how consumers are reacting to social distancing and shelter-in-place orders in terms of their use of technology, their subscriptions to entertainment and security services, and their perceptions of service providers. It looks at the impact of COVID-19 on consumer employment, evaluates consumers concerns about the COVID-19 outbreak, and examines the influence of these factors on consumer electronics purchase intentions.

“2020 marks an unprecedented time in US and global history. COVID-19 has impacted global supply chains, worldwide businesses, and consumer spending,” said Kristen Hanich, Senior Analyst, Parks Associates. “It has prompted exceptional actions from regulators in terms of both public health and monetary and fiscal policy. Currently 70% of US consumers report that they are following social distancing rules, and 30% report that they are following shelter-in-place orders or are otherwise self-quarantining.”

The landmark research provides insight into how consumers are responding to COVID-19, including the impact to product usage and purchase plans, service subscriptions and usage, and streaming video services.  Key highlights:

  • Only 28% of US heads of broadband households age 75+ are self-quarantining.
  • Intention to purchase consumer electronics products is at a multiyear high.
  • Intention to purchase consumer electronics in the next 12 months has risen 5% compared to the year prior.
  • 21% of heads of US broadband households report subscribing to at least one new OTT video service within the past three months.

 

Parks Associates is launching multiple surveys in April 2020 to quantify the impact of the COVID-19 outbreak on consumer behaviors, purchasing, and usage of connected devices and services. For more information, contact sales@parksassociates.com.

To request data or an interview, please contact Rosey Ulpino at rosey@parksassociates.com, 972.996.0233. 

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webinars, the CONNECTIONS™ Conference Series, Smart Energy Summit: Engaging the Consumer, Connected Health Summit: Engaging Consumers, and Future of Video: OTT, Pay TV, and Digital Media.

http://www.parksassociates.com

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