Telly addicts is not just classic British TV programming it also is an accurate state of mind as research from LG Electronics UK has revealed that the average viewer in the country spends a 4.1 hours per day watching content that there was absolutely no barrier to pay for.
The study explored the British public’s spending and saving habits during lockdown, revealing the cost-per-use of everyday items and found that while Brits were more than happy buying blockbuster original content that was available across the many streaming sites, they were spending a disproportionately lower amount on the actual TV itself. Indeed, it calculated that over the course of an average TV’s lifespan, the cost works out at just £5.46 per month, whilst content and broadband set people back £71 per month.
The study found that the average UK adult spent £459 on their last TV and with Brits expecting new TVs to last at least seven years on average, that equated to over 8,736 hours of use. The average person also revealed as much as 19 hours of entertainment for every £1 they spent on a TV.
From the findings, two-fifth of Brits viewed a TV as an investment, with a just over a fifth agreeing that they should treat buying a TV as a serious investment. In what could be a very useful fillip for the industry, in a country where people have amassed combined savings of £250 billion over the past 12 months, three-quarters of whom planning on making a purchase of a significant item, 10% plan to spend over £1,000 on their next TV.
The survey also found that quality (40%) and value for money (38%) were by far the two most important elements of a TV purchase, indicating that although many have amassed a small fortune through lack of spending opportunities with high streets closed, people are still motivated to hunt out the best deals.
A significant initial outlay on an item can feel expensive, but its cost-per-use helps to define and rationalise the true value of the purchase, said James Thomas, product manager – home entertainment, LG UK assessing the findings of the research. “When you look at the data, a TV which you’d expect to use for the best part of a decade, actually provides remarkable value. And when you make any major purchase, you expect longevity while also achieving great value for money,” he said. “Whilst the preference of many will be to spend their lockdown savings on going out and socialising, our homes will remain our primary portal for entertainment. And with a big summer of sport ahead of us, investing in a TV upgrade to enhance those content experiences will be money well spent.”
The study was conducted to coincide with an LG promotion that will see for the first time ever, customers able to own a 2020 LG OLED TV, the LG 55BX, for under £1,000.
The study found that the average UK adult spent £459 on their last TV and with Brits expecting new TVs to last at least seven years on average, that equated to over 8,736 hours of use. The average person also revealed as much as 19 hours of entertainment for every £1 they spent on a TV.
From the findings, two-fifth of Brits viewed a TV as an investment, with a just over a fifth agreeing that they should treat buying a TV as a serious investment. In what could be a very useful fillip for the industry, in a country where people have amassed combined savings of £250 billion over the past 12 months, three-quarters of whom planning on making a purchase of a significant item, 10% plan to spend over £1,000 on their next TV.
The survey also found that quality (40%) and value for money (38%) were by far the two most important elements of a TV purchase, indicating that although many have amassed a small fortune through lack of spending opportunities with high streets closed, people are still motivated to hunt out the best deals.
A significant initial outlay on an item can feel expensive, but its cost-per-use helps to define and rationalise the true value of the purchase, said James Thomas, product manager – home entertainment, LG UK assessing the findings of the research. “When you look at the data, a TV which you’d expect to use for the best part of a decade, actually provides remarkable value. And when you make any major purchase, you expect longevity while also achieving great value for money,” he said. “Whilst the preference of many will be to spend their lockdown savings on going out and socialising, our homes will remain our primary portal for entertainment. And with a big summer of sport ahead of us, investing in a TV upgrade to enhance those content experiences will be money well spent.”
The study was conducted to coincide with an LG promotion that will see for the first time ever, customers able to own a 2020 LG OLED TV, the LG 55BX, for under £1,000.
