DALLAS, Aug. 5, 2020 /PRNewswire/ — New Parks Associates research finds 30% of US broadband households intend to avoid public events and large gatherings of people into 2021, due to concerns of exposure to COVID-19. The research firm is tracking the impact of the pandemic on consumer behaviors, attitudes, and intentions in the consumer and home technology markets through multiple research projects, including the series COVID-19: Impact on Consumer Behavior and Spending. This research reports consumers have cut discretionary spending by 50%, although CE and computer purchases have increased for the first time since 2011.
«Seventy percent of US broadband households believe the economy will need a long time to recover from the COVID-19 pandemic, and only 23% believe the economy will rebound quickly once social-distancing measures are lifted,» said David Drury, Research Director, Parks Associates. «With record-level unemployment and continuing uncertainty about the future, consumers have cut discretionary spending by 50%, although CE and computer purchases have increased for the first time since 2011. Due to the ongoing COVID-19 pandemic, these changes in behavior will not reverse in the near term, with 30% of households planning to avoid public events and 29% delaying vacations or personal travel till at least 2021.»
While consumers are hesitant about spending, one area with solid purchase intentions is consumer electronics and the increased consumption of video at home. During the COVID-19 crisis, 26% of US broadband households purchased electronics. Parks Associates predicts that with an ongoing global pandemic, and worsening conditions in the United States, strong demand for technology products and services will continue into 2021 and potentially even 2022, including high broadband usage at home to deliver messaging, video calling, and virtual meeting applications; video game downloads; and streaming video services. Currently, 74% of US broadband households subscribe to at least one streaming video service, and almost half of US broadband households subscribe to two or more.
Parks Associates continues to provide timely insight on consumer spending and behavior, including the long-term impact of COVID-19 on consumer spending and the use of technology in the home beyond crisis conditions with its latest research products:
- COVID-19: Impact on Communications and Entertainment
- Smart Home Tracker 2020
- COVID-19: Impact on Telehealth Use and Perspectives
- OTT Video Market Tracker
- Consumer Demand for Home Networking
- Smart Major Appliances – Adoption and Preferences
- Streaming Video Products: Driving Adoption
- Opportunity Assessment: Builders and Insurance as Smart Home Channels
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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 digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webinars, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
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SOURCE Parks Associates