Price a Key Concern for Holiday Tech ShoppersBy Jennifer Lawinski | Print
In most cases, price was more important than brand this holiday season, according to a survey from ABI Research.
Holiday shoppers had price on their minds when buying technology products this year, a survey from ABI research finds.
The survey, conducted in August, asked 2,000 consumers what their technology purchasing plans were for the next six months–a period that included the high-traffic holiday season. It found that shoppers put price first when it came to buying most products, but when shopping for game consoles and Internet appliances, brand mattered most.
"Price-consciousness could easily explain how the TV manufacturers ended up with surplus stock: higher-end TVs did not fare as well as expected. It also forced many retailers and TV makers to offer incentives, either discounts or bundles. In many cases these bundles included 3D glasses, Blu-ray players or game consoles," said industry analyst Michael Inouye in a statement.
Many surveyed said they planned to make major purchases after six months–the time covered in the survey.
Best Buy had a tough holiday season with lower-than-expected sales and a loss of market share. "Best Buy, from what we could see, just didn't discount as deeply as its competitors," Inouye said.
Research director Janet Wise said consumers are better educated about technology products now, changing their decision-making behavior.
"In the past, consumers may have known little about what was available and instead focused on brand, or on the advice of the retailer. Now we see more savvy consumers who look for the greatest value as well as the best prices," Wise said.