From Home Furnishing Business
The old mantra size matters couldn’t ring more true than in the home entertainment category.
Retailers selling and vendors supplying case pieces and consoles built to accommodate the ever-growing television screens on the market are sure to reap the rewards as consumers continue to upgrade their viewing habits.
The consumer electronics business has been on a steady growth trajectory over the last few years, and forecasts call for the increases to continue.
The Consumer Electronics Association estimates that sales of consumer electronics will close out 2014 with a 2 percent increase to hit record sales of $211.3 billion. Looking ahead to 2015, the association expects industry sales to grow by 1.2 percent, with industry revenues reaching an all-time high of $214 billion.
Televisions remain a key category as vendors continue to evolve their offerings with larger, crisper screens and other relevant features. What does all this mean for the furniture industry? It could result in a possible boost in home entertainment sales.
Innovations within the television category have brought larger screens and premium displays, which have piqued the interest of consumers and pushed many to upgrade their home video experience.
This year, television sales are expected to reach $18.4 billion. Specifically, ultra HD TVs continue to gain momentum, earning an estimated $1.9 billion by yearend, and the subcategory is expected to top $5 billion next year. Not too shabby for a category that barely existed three years ago.
Lest we’ve put you into a frenzy trying to figure out how to make a connection between televisions and entertainment centers and consoles, here’s a look at what consumers are thinking when it comes to outfitting their home theaters.
In the latest Home Furnishings Business consumer survey including 150 consumers who had purchased home entertainment in the last 12 months, report that size is a consideration when it comes to television screens. In fact, more than half (53.8 percent) said the primary television in their home was between 37 inches and 52 inches. More than a third (36.6 percent) said they own a television that is 55 inches are more.
When asked what size television they would consider purchasing in the next six month to a year, more than a third (34.3 percent) said they’d be in the marketing for 55-inch or larger screen. Just under a third (32.4 percent) said they’d opt for a television between 37 inches and 52 inches.
As televisions have gotten sleeker and sexier, they’ve pushed out the trend of hiding the screen behind closed doors. Armoires our definitely out — check out the products on the next few pages — and open walls and cool consoles are the styles of the day.
The trend meshes well with what our consumer panel shared on their preferences. Hide the television? Consumers said no way with 77 percent saying hiding their television was not important to them in the least. More than 60 percent (63 percent) said they’d prefer to put their flat screen television on top of a console featuring media storage. Just over 26 percent said they’d hang the television on the wall and forego home theater furniture.
A more in-depth report on the bedroom category is available for purchase at FurnitureCore.com—Industry Info—Industry Reports—Home Entertainment or by calling Natalia Hurd at (404) 390-1535.