New nationwide study by LG reveals substantial average monthly spend on TV content, compared to low investment in TVs
Today, LG Electronics UK shares 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 (top 10 list at bottom of release).
When it comes to quality content, people have more choice than ever before – and it shows. The average UK adult now spends a whopping 4.1 hours watching TV each day. This golden age of content comes with a monthly investment on average of £71 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 latest LG OLED TV technology brings TV shows to life like never before with ultra-sharp, ultra-realistic picture quality, meaning viewers watching a new TV show on an old TV are missing out on a viewing experience like the Director intended.
The study found that the average UK adult spent £459 on their last TV. With Brits expecting new TVs to last at least 7 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% of their equivalent investment in TV content (£71).
From the findings, 40% of Brits view a TV as an investment, with a further 21% 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% of TVs in Britain don’t have the capability of connecting to the internet.
James Thomas, Product Manager – Home Entertainment, LG UK said: “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. 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.”
A Nation Ready to Spend
This month (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.
Earlier this month, the Bank of England 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 new research by LG reveals that seven in 10 people have saved-up money during the current lockdown, with three quarters (73%) 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 offers the best-ever price on its industry-leading 2020 OLED TV range. The deal offers an extra 10% off its already-discounted TVs, meaning that for the first time ever, customers will be able to own a coveted 2020 LG OLED TV for under £1,000 (LG 55BX).
Also included in the deal are the LG CX and GX series, with the full line-up receiving Which? Best Buy badges, and the BX and GX achieving the highest scores out of all 2020 Which? TV reviews.
And with the research also showing that millions of people (10%) plan to spend £1,000+ on their next TV, 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% of people when watching TV.
Quality (40%) and value for money (38%) 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.
James Thomas, Product Manager – Home Entertainment, LG UK added: “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. 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)
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*Full T&Cs of deal here. TVs included in deal detailed below.
LG BX
Customers will be able to purchase the highly coveted LG 55BX TV for under £1,000 (£989), saving a total of approx. £211 from the original RRP (£1,199.99).
The LG BX range is LG’s most affordable range and is a fantastic option for gamers thanks to the TV’s NVIDIA G-SYNC compatibility, low input lag, fast response time, VRR, ALLM and eARC support, all of which allow for a smooth gaming experience in high resolution. The TV is perfect for movie marathons as well, with LG’s powerful α7 Gen3 Intelligent Processor, which delivers a spectacular viewing and sound experience by enhancing picture and sound sources. LG’s ThinQ AI technology allows the user to transform their TV into a central hub through simple voice command with Google Assistant and built-in Amazon-Alexa.
Discounted Prices: 55BX - £989 / 65BX - £1,439
LG CX
Excitingly, the highly sought-after and world-first 48-inch OLED TV, the LG 48CX, will be available to purchase for just over £1,000 at £1,169, saving a total of £310 from the original RRP (£1,479) – a perfect choice for those who don’t have the space for a larger screen in their homes but don’t want to compromise on quality.
The smaller OLED unit is ideal for all your watching needs, with Filmmaker Mode, Auto Genre Selection, Dolby Vision IQ, upgraded video processor and HDMI 2.1. Crowned winner of the T3 2020 ‘Best Gaming TV’award, the CX is also an excellent option for keen gamers, thanks to the TVs Variable Refresh Rate and NVIDIA G-SYNC support, to keep gaming action looking smooth.
Discounted Prices: 48CX - £1,169 / 55CX - £1,169 / 65CX - £1,709 / 77CX - £3,149
LG GX
The gorgeous design-led LG GX will be available to purchase from a starting price of £1,439, saving a total of approx. £360 from the original RRP (£1,799.99).
LG’s Gallery Series comes in an array of sizes - 55, 65 and 77 inch - so everyone and anyone will find their perfect fit. This model offers a uniquely minimalist aesthetic, made possible by OLED’s revolutionary panel technology and ultra-thin form factor. The TV mounts flush to the wall akin to a piece of art in a gallery, meaning it is the ultimate choice for interior design fanatics. For those who desire a living room enviable to many, LG’s brand new GX is an excellent option. With Filmmaker Mode and Auto Genre Selection, movie marathons will never be the same.
Discounted Prices: 55GX - £1,439 / 65GX - £2,069 / 77GX - £4,049
About LG Electronics Home Entertainment Company
The LG Home Entertainment Company is an industry leader in televisions and audio-video systems. The company is a globally recognized innovator for its leadership in OLED TVs which is revolutionizing the premium TV category. LG is committed to improving customers’ lives with innovative home entertainment products led by award-winning OLED TVs and NanoCell TVs featuring artificial intelligence and sound solutions developed in partnership with Meridian Audio. For more news on LG, go to www.LGnewsroom.com
Media Contacts:
LG-One UK
Ellie Wallis
+44 207 413 3449
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