Higher Spend on Premium Audio Could Last Beyond the Pandemic: Futuresource

Homebound trends during the COVID-19 pandemic drove demand for premium sound bars, said Futuresource Wednesday. Models priced $1,000 and higher rose 32% from Q1-Q3 in 2020, as less spending on outside-of-home activities freed up discretionary dollars for in-home entertainment, said the research firm. Consumers who had wanted to invest in high-quality speakers in the past were able to justify the spend during the pandemic, when average selling prices rose across many audio product categories, it said. Record-high demand has also been seen for luxury audio products costing over $5,000 in 2020, including turntables, which are expected to see 15% growth for the year. The pandemic will have a long-term impact on consumers’ lifestyles, with remote working set to become more common, leading to reduced commuting and business travel. The post-COVID world is likely to be more home focused, “creating more opportunities for consumers to listen to music and watch movies at home, which will ultimately place a stronger emphasis on the quality of home audio products,” said analyst Alexandre Jornod. Futuresource expects the trend to drive long-term growth for high-end audio products, “especially as consumers who have experienced high audio quality are usually more likely to upgrade to perfect their listening experience or access the latest tech features.”