For each $1,000 in income, U.S. households will pay on average $1 more for a PC...
For each $1,000 in income, U.S. households will pay on average $1 more for a PC, according to the Consumer Decision Process Annual Survey, which has quantified the influence of income and education on the amount consumers spend on specific CE products.
International research firm Parks Associates recently completed this survey of over 5,000 U.S. consumers on their 2008 purchases and 2009 purchase intentions. The research, part of the Consumer Decision Process Service, examines ownership and attitudes toward product categories such as PCs, MP3 players, LCD and connected TVs, home networks, and Blu -ray players.
Results from the survey show that consumers with a graduate degree spend, on average, $100 more for a computer than consumers with only a high -school degree. Income levels also affect the final price for computers, as households with $200,000 in annual income spend over $150 more for a laptop compared to households with $50,000 in annual income.
"The prices consumers pay for PCs and laptops are remarkably elastic, especially when compared to products such as DVD players, game consoles, and home networks, where prices are basically flat across different income and educational groups," said John Barrett, director, research, Parks Associates. "These results allow us to measure the impact of specific consumer attributes, such as level of education, and use that to predict both the products consumers are interested in and how much they'll pay for certain items."
For example, Barrett says, higher -income households would be more willing to pay a little extra for a better laptop, whereas they see less value in paying extra for a high -end DVD player. As a result, high - and low -income households pay basically the same for a DVD player.
Tricia Parks, CEO, Parks Associates, and Vipin Jain, CEO, Retrevo, presented research from the Consumer Decision Process Annual Survey on June 3 at CONNECTIONS™: The Digital Living Conference & Showcase. Their presentation, Navigating the Changing CE Purchase Process, discussed the impact of the recession and the need for flexibility in selling CE to consumers, especially as the power of brand has diminished.
For more information about Consumer Decision Process Annual Survey, visit http://www.parksassociates.com or contact email@example.com, 972 -490 -1113. For information about CONNECTIONS™, visit http://www.connectionsus.com.
About Parks Associates
Parks Associates 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 new media, digital entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, consumer electronics, and home control systems and security.
Each year, Parks Associates hosts executive thought leadership conferences CONNECTIONS™, with support from the Consumer Electronics Association (CEA®), and CONNECTIONS™ Europe. In addition, Parks Associates produces the online publication Industry Insights in conjunction with the CONNECTIONS™ Conference series.
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Contact: Elizabeth Parks
972 -490 -1113