360° Coverage : People Like iTV Concept, But Don't Want To Spend $1500

People Like iTV Concept, But Don't Want To Spend $1500

Could spell trouble for Apple's foray into new market

Aug 9 2012, 5:46pm CDT | by

People Like iTV Concept, But Don't Want To Spend $1500
Photo Credit: Getty Images

The rumors about Apple's own branded television set continue to abound, and while consumers are interested, they might not be once they see the price tag.

So says Piper Jaffray analyst Gene Munster after conducted a survey of consumers in the Minneapolis, Minnesota area, which contains a decent cross-section of the rest of the country.

In the survey, 49% said they would be interested in buying a TV set if it was manufactured by Apple. This includes people who said they are in the market for a new TV, as well as those who said they are not.

In fact, 29% said they don't see any need to buy a new TV right now, but if Apple released one they might change their minds.

However - here's the kicker - when asked if they would be willing to spend $1500 or more on such a TV, only 12% said yes.

And the average price that consumers were willing to pay was just arond $530, which can't even buy a decent iPad.

We all know that Apple likes its products to be more expensive than anything that anyone else offers, and that's a very scary concept if you look at the TV market, where $1000 - $2000 for a high-end set is the norm.

However, as Munster notes, "While 12% seems small, it still moves the needle. If Apple gained a 10% share of the U.S. TV market in FY14, as opposed to our surveyed 12%, TV sales would still add 4% to our FY14 revenue estimates."

Via Value Walk

 
 
 

<a href="/latest_stories/all/all/6" rel="author">Mark Raby</a>
With more than 10 years as a professional writer, Mark Raby has an undeniable pulse on the latest trends. From the quiet rumors to the breaking news of the day, his eagle eye is always focused on the newest scoop and figuring out how and why the big newsmakers are noteworthy and relevant. He is based in New York City.

 

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