Gizmos and the middle class
Technology has become so embedded in the fabric of our daily lives that we no longer think of it as technology per se. The technology is cool; it’s not for geeks. Everyone, from toddlers to grandparents, is undoubtedly using the latest technologies, and for many, the high-tech gadgets they own say a lot about status and fashion.
The technology market is one of the fastest growing markets of all time, and there is no question that we are spending a higher proportion of our revenue on new technology than ever before. As tech-savvy people on the cutting edge of technology, are we going to watch replays of the Play Station 2 launch, queuing all night and fighting just to get the latest must-have tech toys? How far will people go to get their hands on the latest gadgets, and how does our desire for technology affect other areas of our lives?
Research methodology
* The research sample consisted of 60 of my relatives and friends who live in various regions.
* Male to female ratio was 48:52
* Respondents were from the MIDDLE CLASS consumer sector and were shortlisted for their likely understanding of technology.
* The age range of consumers WAS 30-40 YEARS
Results of the investigation
What gadgets do we have?
* The prevalence of device ownership is extremely high. 93 percent of the total sample size own mobile phones, 73 percent own a laptop, and 60 percent own a DVD player.
* When asked which devices they couldn’t do without, 46% said their laptop and 42% said their mobile phone.
men against women
* Women are practical buyers of technological goods. They are more influenced than men by functionality and saving time or costs. Nine out of ten women buy for functionality.* Men are most motivated by the excitement they get from new device purchases, a fifth will buy for this impulse alone.
* Men are more likely to be disappointed in the braces they buy. 16 percent of men admit they are disappointed as soon as they buy a new device because it didn’t meet their expectations.
* Women are aesthetically more motivated to buy than men. 34 percent of women, compared to 31 percent of men, buy based on what a product looks like.
* Twice as many men as women feel they can’t get the latest gadget when they want it.
Financing our love for gadgets
* For many, technology purchases have become more important than purchasing other luxury items. In order to afford new gadgets, nearly a fifth will forego CDs and makeup, 14% will save money by not going out for a week, and 6% will choose to forgo vacations to afford the latter. hi-tech gadgets. * Although more than three-quarters save for the latest device, seven percent rely on their credit cards to finance their purchases.
The social impact of gadgets
* The importance given to technology goes beyond spending, it also impacts social life. A third of them admit that they would rather stay home and play with their new tech toys than go out.
* Technology may not be an entirely positive innovation for business. One in ten admits that they would fake a sick day to play with their new gadgets, instead of going to work.
Our survey found that purchase decisions were heavily influenced by factors such as “the buzz” a new device provided, “display value” it has with friends, and appearance, rather than necessity and functionality. In many cases, consumers have admitted they will forego other luxury purchases, such as vacations, makeup and CDs, in order to purchase the latest gadgets. Other consumers also admit that they would avoid their friends and stay to play with their new technologies. In addition, a surprising number admit that they will willingly go into debt to buy the latest gadgets.
These trends illustrate how technology is having an increasing emotional impact on our lives, and some of the findings indicate that, to some degree, we are becoming addicted to devices.
men against women
* Women are practical buyers of technological goods. They are more influenced than men by functionality and saving time or costs. Nine out of ten women buy for functionality.
* Men are most motivated by the buzz they get from new device purchases, a fifth will buy for this impulse alone.
* Men are more likely to be disappointed in the braces they buy. 16 percent of men admit they are disappointed as soon as they buy a new device because it didn’t meet their expectations.
* Women are aesthetically more motivated to buy than men. 34 percent of women, compared to 31 percent of men, buy based on what a product looks like.
* Twice as many men as women feel they can’t get the latest gadget when they want it.
Financing our love for gadgets
* For many, technology purchases have become more important than purchasing other luxury items. In order to afford new gadgets, nearly a fifth will forego CDs and makeup, 14% will save money by not going out for a week, and 6% will choose to forgo vacations to afford the latter. hi-tech gadgets.
* Although more than three-quarters save for the latest device, seven percent rely on their credit cards to finance their purchases. a third of the middle class will buy gadgets with their credit cards and a fifth will borrow the money or go into debt.
The social impact of gadgets
* The importance given to technology goes beyond spending, it also impacts social life. A third admit that they would rather stay home and play with their new tech toys than go out.
* Technology may not be an entirely positive innovation for business. One in ten admits that they would fake a sick day to play with their new gadgets, instead of going to work.
* Owning the latest gadget is serious business. More than a quarter spend several days researching by looking at specialist magazines and talking to friends and shop assistants before making a purchase. Nearly a third spend up to several weeks doing their homework. * Two percent of them are so eager to get the latest devices first that they will queue all night. Another 9 percent will shop abroad to beat the rush of the mass consumer. * Rarely feel guilty about buying new tech toys. Only 6 percent feel pangs of guilt.
conclusion
The survey result indicates that technology is more than revolutionizing our lives, we are actually becoming addicted to buying technology for a variety of increasingly emotionally skewed reasons, such as looks, buying to show off, or for the buzz. The fact that it does the job is simply assumed.
We also quickly tire of devices and quickly move on to buying new ones to get that enthusiasm back. We are fickle buyers in this market: just like fashion, devices have a short shelf life. This is not because the devices break or wear out, but because a smaller, better version is released months after its predecessor.
People thrive on the status of owning the newest gadgets. Gadget addiction is not the most worrying of addictions; it is an extended statement of fashion and status. With a flood of new devices hitting the market every day, there will always be something to satisfy.