US consumers put more importance on picture quality and screen size than ever before and the average size of TVs has been growing at 1.5 inches per year lately, according to the NPD Group.
The NPD Group's latest research shows that in February 2022 44% of buyers in the US bought their new TV because they wanted a larger screen, an increase of 7 points from February 2020. 38% purchased for better picture quality, up 5 points.
- "Pandemic fueled TV sales growth drove consumers to replace TVs in order to get larger screens and better picture quality resulting in a newer and bigger installed TV base," said John Buffone, executive director, industry analyst for NPD. "With consumers spending more time at home, entertainment became a high priority, and despite higher prices, screen size and quality remain top motivators."
In February 2022, the average replacement TV was 53.6 inches, up from 49.4-inches in 2020. The research also showed that over the last two years the average size of installed TVs increased 3 inches to 47.5 inches – 1.5 inches per year. This compares to an average of 1 inch per year in the five years prior.
23% bought a new TV because pricing became more affordable, same as in February 2020.
More people are buying premium TVs
Sales of premium TVs
Sales of premium TVs ($1000 or more) have reached a five-year high at 9% of total sales in the US.
The premium segment of TVs is currently made up mostly of OLED TVs and large-sized LCD TVs with advanced zone-dimming systems. In recent years, HDMI 2.1 features such as 4K120 and VRR have also made premium TVs more attractive to PC and console gamers.
- "When consumers are motivated to purchase better quality TVs, they are also typically less price sensitive and place importance on larger screen sizes. While initially fueled by the pandemic, we expect this segment of the market will continue to perform well, as consumers have placed an increased value on TVs and home entertainment that will continue into the future," said Paul Gagnon, vice president, industry advisor for NPD.
65-inch and larger TVs are expected to represent more than one-third of TV sales in the US by 2024.
Methodology
| The results of The NPD Group’s Connected Intelligence TV Ownership Trends Report are based on NPD’s Retail Tracking Service and the quarterly Device Tracking survey, which reaches 5,170 U.S. consumers, aged 18+ from diverse regions and demographical backgrounds. They report on nearly 13,000 TVs installed in over 35,500 household rooms. This survey was completed between January 25, 2022 and February 11, 2022. |
FlatpanelsHD
