The consumer electronics industry is constantly evolving, which fosters an unpredictable market environment. Over the last year, we have seen an elevation in unpredictability across markets. So how did the pandemic affect the consumer electronics market share? TraQline is here with insight.
TraQline provides quarterly data updates to ensure we have the latest information, provided directly by consumers. While our quarterly reports with your TraQline subscription include much more detailed and actionable insights, we have put together a brief overview for businesses interested in learning more. Here is a closer look at 2020 consumer electronics market trends and statistics.
What Motivates Consumers to Buy Electronics?
What motivates individuals when they are buying electronics? Uncovering purchase motivation can help you boost sales and grow your market share. In the consumer electronics sector, our 2020 data shows that a majority of consumers (43%) were motivated to buy a certain brand based on its competitive pricing. That is also the leading motivation that 61% of consumers reported for choosing which retailer to buy from.
Where Do Consumers Spend the Most Money?
Ultimately, many brands and retailers measure their success based on the bottom-line earnings. So where do consumers spend the most money? Due to the mix of products sold, the largest spend for each individual sale goes to Apple, averaging $611 across consumers. However, the most consumer dollars towards electronics went to Best Buy, which earned 31% of the market share.
Do Consumers Buy Electronics Online or In-Store?
With COVID-19 and the increasing popularity of online purchasing, you might be wondering how 2020 in-store purchases stack up against online orders.
- Brick-and-mortar retailers have the advantage of immediate order fulfillment, on-site expertise, and electronic tests/previews that let consumers try before they buy. They also alleviate any fears consumers may have about damage during shipping.
- On the other hand, online retailers have the advantage of convenience, research/review information, and often a wider inventory.
So are consumers buying electronics online or in-store? Brick-and-mortar stores still have a lead in the consumer electronics market. Our 2020 TraQline data suggests that 61% of consumers purchased their consumer electronics in-person compared to 35% online (and 4% other).
Demographics: Which Gender Buys the Most Electronics?
Understanding the target audience of electronic purchases can help your business when launching new products. So which gender buys the most electronics? In 2020, 47% of consumer electronic sales went to men, while 31% went to women. The remaining 22% of sales were joint purchases. TraQline also tracks regional and income-based insights. You can download our free infographic to read more about these and other statistics.
TraQline Market Research Insights
TraQline measures data across the consumer electronics industry, including the TV & Audio, Cellphone & Computing, and Auto Electronics sectors. These insights are just a small preview of all that TraQline has to offer. We also provide custom research services to help take your business to new heights. If you are ready to get our industry-leading market research, statistics, data, and support on your side, contact the professionals at TraQline to get started today!