89% Of U.S. Households Now Have Streaming Video Services

The international market research and consulting firm’s Consumer Electronics Dashboard, an ongoing service that visualizes the most important metrics for consumer electronics (CE) devices in the home, also notes that for the first time, smartphone ownership surpassed TV ownership, with 90% of households reporting ownership of a smartphone compared to 88% with a TV.

“Smartphones are ubiquitous now, and connected consumer electronics such as wireless earbuds, tablets, and smart TVs are commonplace,” said Sarah Lee, Research Analyst, Parks Associates. “Today, these devices are essential for entertainment purposes and daily personal communications, which can include school, work, and family. This necessity drives continued purchases, as every year CE companies roll out innovative and advanced models that drive the consumer desire to upgrade.”

Parks Associates recently released its list of industry trends for 2023. The firm reports that 92% of US households have fixed or wireless internet service at home. Among these US internet households:

• 66% have a smart TV
• 42% have at least one smart home device
• 31% have a security system
• 39% have a smart watch
• 89% have a streaming video service

The research finds consumer spending demonstrates remarkable resilience. After a brief pause early in 2023, consumers’ enthusiasm for consumer electronics products rebounded at the end of the year. Purchase intentions for popular entertainment devices such as gaming consoles, streaming media players, and VR headsets have increased compared to 2022 and now resemble 2021 levels, which was the height of the pandemic.

“Economic conditions and fear of a recession previously stalled purchases of CE categories,” Lee said. “But higher intentions to purchase are likely a reflection of prolonged delayed gratification, the end-of-year holiday season, enticing retail promotions, and hope for continued economic improvement in 2024.”

Parks Associates’ Consumer Insight Dashboards present survey-based consumer research that tracks movement of foundational market metrics, such as product or service adoption, household spending intentions, churn, and key tracking metrics on leading industry players.