TVs are more expensive now than they have been in the last decade
Issues in the supply and shipping have led to the increase in average price.
As the holiday season quickly approaches, many of you will no doubt be on the lookout for a new TV. But if you were looking for the next amazing deal on a cheap TV set this year, you may want to rethink. A new report from CNET shows that TVs are more expensive today than they have been since 2012.
Stephen Baker, a VP of Industry Analysis at NPD Group told CNET that, “Holiday pricing overall is likely to be at least $100 above normal…This year, our forecast is for the average price to be approximately $500.” Compared with last year’s average of around $363 at the same time, that’s a pretty significant price increase.
At a glance, this price increase seems pretty drastic, but it’s not as crazy as it sounds. The biggest factor in the increase in average price is the fact that high-dollar TVs are selling at a better rate than ever before. “Sales of TVs over $1,500 are at record levels, and sales of TVs 75-inch and above are performing much better than the overall market,” says Baker.
But it’s not just the fact that people are buying better TVs that are causing the increase in average price. In addition to higher average costs for supplies like semiconductors, LCD panels, and plastic, many manufacturers point to shipping costs as a driving factor in price increases.
Laynie Newsome, chief sales officer at Vizio, told CNET that, while many supply costs have somewhat leveled off in recent months, “Container and vessel shortages have caused ocean shipping prices to quadruple over the past year.”
Fortunately, it doesn’t look like there will be an issue with the supply of TVs during the holiday season.
Additionally, Baker says that there will still be good deals during this year’s holiday season, you just may not see the super cheap lower-end TVs that normally have people rushing in the doors on Black Friday.
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