The results of a recently published study[1] may signal a distinct shift in consumer tastes and preferences. This study of purchasing behaviour – in the field of consumer electronics – signals a greater interest in “basic” product features rather than more exotic elements. The survey offers three explanations:
- Customers being “over-served”
- An increasing tendency to value “lifestyle” features – such as size and
- The impact of comparison sites.
But possibly there is a third reason – emerging consumer repletion (mentioned in my trends to watch in 2010) – a diminishing appetite for the next new technology product as wallets tighten, the brand-based culture starts to wane and experiences with family and friends replace luxuries at the top of the discretionary spend list.
Reference
[1] A. Dua, L. Hersch, and M. Sivanandam, “Consumer electronics gets back to basics,” McKinsey Quarterly, Oct. 2009.