LG Electronics UK has shared the results of a new nationwide study which explores the British public’s spending and saving habits during lockdown, revealing the cost-per-use of everyday items.
When it comes to quality content, people have more choice than ever before – and it shows. The average UK adult now spends 4.1 hours watching TV each day. This golden age of content comes with a monthly investment on average of £71 (€59.39) spent on entertainment subscriptions and broadband.
However, while Brits are happily investing in the continuous conveyor belt of original blockbuster content pumped out across streaming sites, they are spending a disproportionately lower amount on the actual TV itself, and thus depriving themselves of the best content viewing experience.
The study found that the average UK adult spent £459 on their last TV. With Brits expecting new TVs to last at least seven years on average – which would equate to 8,736+ hours of use –the average person gets a substantial 19 hours of entertainment per £1 they spend on a TV. This equates to just £5.46 per month, less than 10 per cent of their equivalent investment in TV content (£71).
From the findings, 40 per cent of Brits view a TV as an investment, with a further 21 per cent agreeing that they should treat buying a TV as a serious investment. However, many homes across the nation have not yet chosen to invest in a modern TV and are missing out, as 30 per cent of TVs in Britain don’t have the capability of connecting to the Internet.
“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,” advises James Thomas, Product Manager – Home Entertainment, LG UK. “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.”
March 2021 marks one year since the first lockdown as a result of Covid-19. People have had to spend more time indoors than ever before, and technology within the home has become vital in keeping us entertained, productive, and connected.
The Bank of England has reported British families are ready to fuel a rapid return to prosperity with a multibillion-pound spending spree. According to the report, Brits have amassed combined savings of £250bn over the past 12 months.
Adding further insight on the topic, the research reveals that seven in 10 people have saved-up money during the current lockdown, with three quarters (73 per cent) planning on making a considered purchase (e.g. car, holiday, jewellery, or TV) once lockdown lifts.
The study was conducted to celebrate LG’s latest deal, which the company says offers the best-ever price on its 2020 OLED TV range. With the research also showing that millions of people (10 per cent) plan to spend £1,000+ on their next TV, LG says the deal offers many their best-ever opportunity to own an LG OLED TV – something that almost every Brit would appreciate, with good picture quality being important to 97 per cent of people when watching TV.
Quality (40 per cent) and value for money (38 per cent) are 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.
“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,” notes Thomas. “And with a big summer of sport ahead of us – including cheering on England at the Euros – investing in a TV upgrade to enhance those content experiences will be money well spent.”
Top 10 lowest cost per use items (in GBP, based on average cost of item)