The No. 1 item this holiday season is the 4K television, says Dennis May, CEO of appliances and electronics company HHGregg.
“It’s going to be a 4K TV holiday,” May told Business Insider. “We’re seeing significant growth and a ton of momentum in 4K TVs.”
According to the CEO, televisions — specifically 4K televisions, which offer super high-resolution images — came out on top in a survey on customers’ most wanted gifts for the first time since 2008 or 2009, following years of being beaten out by tablets, smartphones, and laptops.
May says that the industry expects to sell four times as many 4K TVs as it did last year, up to 4 million from 2015’s 1 million. The first 4K televisions hit the market two years ago, but prior to this year have been too expensive for most shoppers.
While last year, most 4K TVs cost $US4,000 to $US10,000, this year HHGreggs is selling 4K TVs for as low as $US288. Holiday deals are also helping heat up sales; LG, for example, will be selling a 4K 65-inch TV for $US998, when the product sold for $US1,799 just a couple months ago.
Also helpful is the fact that shoppers are finally getting tired of the flat-screen televisions they purchased six or seven years ago. Instead, they want to try the thinner, higher-definition 4K TVs, which offer streaming options many older televisions lack.
May says that this year is the first time that the television industry is finally recapturing the excitement and growth that flat-panels TVs prompted in 2008 and 2009, when they were the gift of choice.
“Since then, it’s been very lacklustre,” says May. “The innovation that has come out of the category just hasn’t convinced the consumer to vote with their wallet.”
This year, May says, it is time for the stagnation to come to an end.
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