5WPR Consumer Culture Report Reveals Electronics as Top Splurge-Worthy Purchase in 2021
NEW YORK, Jan. 19, 2021 /PRNewswire/ -- 5W Public Relations, one of the largest independently-owned PR firms in the U.S., has determined that Electronics and Technology rank at the top of the list of categories consumers are most likely to splurge on, as determined by their 2021 Consumer Culture Report.
The survey reveals Electronics and Technology rank first across all age groups as the most splurge-worthy category, replacing last year's top-ranking category, Dining Out. Electronics and Technology climbed from the fourth spot on the list, and saw an 18% increase in interest of consumer splurging. Overall, the consumer categories rank in the following order:
- Electronics and Technology (53%)
- Travel and Experiences (46%)
- Dining Out (41%)
- Home Goods and Furniture (41%)
- Health and Wellness (40%)
- Beauty, Cosmetics and Personal Care (33%)
- Clothing and Fashion (30%)
- Fitness (23%)
"The increase in interest in Electronics and Technology tell us consumers are willing to spend more to stay connected and access virtual experiences," said 5WPR President of the Corporate and Technology Practice, Matthew Caiola. "We know consumers are welcoming the idea of staying home and connecting virtually, and that makes this an exciting time for our clients who continue to release cutting edge products that enhance user experience like never before."
Other categories that experienced increased consumer interest from last year include Home Goods and Furniture, which saw a 12% increase, and Health and Wellness, which saw a 7% increase across all generations.
"Consumers are more conscious with their spending than ever before, and the areas they choose to splurge clue us into their expectations for the upcoming year," said 5WPR consumer Practice President, Dara A. Busch. "The data teases a promising return for the travel, hospitality, and restaurant industries, when the time is right. As an agency, these insights help us direct our clients and develop successful, data-driven campaigns."
The 2021 Consumer Culture Report also shines a spotlight on the spending behaviors of Gen Z. The top three splurge-worthy categories amongst those aged 16 to 21 are Electronics and Technology, Health and Wellness, and Beauty, Cosmetics and Personal Care respectively.
As a leading consumer PR firm, and an award-winning digital agency, 5WPR is committed to being a trailblazer in the industry and providing clients with the most up-to-date insights. The information gathered from the survey guides strategy, planning and execution of consumer and digital client campaigns.
5WPR's 2021 Consumer Culture Report was conducted by Censuswide, with 2,000 respondents aged 16+ in the USA between 14.09.20-18.09.20. The survey was conducted from a nationally representative of American adults. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
About 5W Public Relations
5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 175 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and digital strategy. 5W brings leading businesses a resourceful, bold and results-driven approach to communication. 5W was awarded 2020 PR Agency of The Year and CEO Ronn Torossian, was named 2020 Entrepreneur of the Year by the American Business Awards.
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SOURCE 5W Public Relations
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