Tech has become a booming industry, and many consumers eagerly await the release of a new phone or other gadget that they can buy. The growth of this industry has been more or less stable, but there have been a few shaky years here or there that put the future of the industry into question. A new study by GroupM has revealed some concerning trends about consumer sentiments that might be a cause for alarm since it indicates that consumers are not as willing to buy new tech as they used to be.
This survey asked consumers several questions about their tech buying habits, and a pretty consistent trend that can be noted is that customers are less trusting of tech companies and less likely to buy new products that they are releasing. For example, the number of consumers that said they enjoy buying new tech went from 69% to 61.8% in 2021. Consumers also seem less interested in keeping their tech up to date, with the number at least somewhat agreeing with that sentiment going from around 54% in 2020 to 50% in 2021.
One reason for this might be that consumers are unable to learn how to use new gadgets. The percentage of consumers that agreed that new tech confused them went from around 28% in 2020 to 32% in 2022. With all of that having been said and now out of the way, it is important to note that this is not the only reason why consumers might not want to buy new tech. Another important reason could be the cost, with many consumers not having as much disposable income as they used to before the pandemic hit and economic conditions got as bad as they currently are.
68.9% of consumers in 2020 said that they would wait for tech to get cheaper before buying it. That has gone up to 72.5% in 2021. Also, 77% of consumers are worried about how tech companies use their data, up from 72.4% in 2020. All of this seems to indicate a crisis of trust between tech buyers and providers, and it is a gap that needs to be bridged. Consumer trust appears to be eroding, and tech companies need to act fast by factoring all of these things into their future plans otherwise the growth of the industry could end up being severely at risk.
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This survey asked consumers several questions about their tech buying habits, and a pretty consistent trend that can be noted is that customers are less trusting of tech companies and less likely to buy new products that they are releasing. For example, the number of consumers that said they enjoy buying new tech went from 69% to 61.8% in 2021. Consumers also seem less interested in keeping their tech up to date, with the number at least somewhat agreeing with that sentiment going from around 54% in 2020 to 50% in 2021.
One reason for this might be that consumers are unable to learn how to use new gadgets. The percentage of consumers that agreed that new tech confused them went from around 28% in 2020 to 32% in 2022. With all of that having been said and now out of the way, it is important to note that this is not the only reason why consumers might not want to buy new tech. Another important reason could be the cost, with many consumers not having as much disposable income as they used to before the pandemic hit and economic conditions got as bad as they currently are.
68.9% of consumers in 2020 said that they would wait for tech to get cheaper before buying it. That has gone up to 72.5% in 2021. Also, 77% of consumers are worried about how tech companies use their data, up from 72.4% in 2020. All of this seems to indicate a crisis of trust between tech buyers and providers, and it is a gap that needs to be bridged. Consumer trust appears to be eroding, and tech companies need to act fast by factoring all of these things into their future plans otherwise the growth of the industry could end up being severely at risk.
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