In the April issue of NetGuide, we did a feature on "How to buy a TV.” Now it would appear that the real question is when to buy it? If you’re one of the few people who has yet to jump on the slim/flat screen/HD/top-of-the-line/all- the-bells-and-whistles bandwagon, it may have been well worth the wait.
First of all, technology has improved in leaps and bounds since a few short years ago when the most prestigious TV models first hit the scene. You can now get newer, better, bigger and clearer televisions that would have been almost unimaginable two years ago. Secondly (and more importantly) you can now get them for a fraction of the cost. Research has shown that the price of an average flat panel TV has dropped by 20 to 30 per cent in just the last year. Although price drops are to be expected in the ever evolving electronics industry, this percentage is considered an abnormally large plummet.
JB Hi-Fi chief executive, Terry Smart, was recently quoted expressing concern over these numbers. "It’s hard when you’re seeing price deflation of up to 20 per cent to get enough increase in volume to compensate for those dollars lost,” he said.
According to Statistics New Zealand, from 2001 to 2007, sales of electronics leapt from $1.6 billion to $2.4 billion. But since the global recession, sales have barely moved at all. The recent financial crisis has undoubtedly played a part in all of this, but most retailers are pointing the finger at price deflation as the main culprit.
Bad news for retailers, but great news for consumers! At least for now. Rumour has it that these outrageous discounts won’t last much longer, as newer, even thinner TV models with the capability to automatically convert 2D into 3D make their way onto the scene. So if you’ve been waiting for the right time to invest in a new TV, better get moving!