Even a global recession can’t come between Americans and the high-tech gadgets they love. Consumers of all ages and family situations are purchasing high-definition TVs, network gear, and smartphones at a breakneck pace, according to a study released on Sept. 2.
Already, half of U.S. adults are gamers; almost three-quarters of American households have a broadband Internet connection; and nearly half of those households own an HDTV, with 10 million units sold in 2008, according to the report by Forrester [FORR]. Over the next five years, nearly 39 million additional U.S. households are expected to be in the market for their first high-definition set, and more than 30 million homes will add network connectivity, Forrester says, based on mail-in surveys from nearly 48,000 U.S. and Canadian households.
The findings underscore North America’s unwavering fascination with all things tech despite the tightening credit standards and job losses associated with the worst economic crisis since the Great Depression. Expectations for ongoing demand for consumer electronics bode well for a wide swath of tech companies specializing in TVs, smartphones, and other gear.
Rosier Holidays for Retailers?
The report also augurs healthy holiday sales for retailers such as Best Buy and Wal-Mart, and suggests that broadband service providers will benefit as families seek faster connections to the Internet. That could help carriers such as Time Warner Cable, Verizon Communications, Comcast, and AT&T, which are locked in a race to provide the fastest broadband connections across home and mobile devices. Cisco Systems, Netgear, and other sellers of networking gear also stand to benefit.
While Forrester found differences in buying and consumption patterns among traditional demographic lines, researcher Charles Golvin said the unifying factor over time will be increasing reliance on the Internet for entertainment, business, and social interaction. “In the next several years consumers will increasingly rely on a ubiquitous…