Even though studies on rating have failed to conclude that the American television audience is growing as a direct result of the current recession, they still do love their TV. As more and more families race home to catch the latest episode of So You Think You Can Dance, Dexter or American Idol, a new study conducted by financial advisers, Deloitte, have established that one third of Americans rank television watching as their favorite media activity. This a 26-percent rise from a year ago.
The same study found that three-quarters of American consumers claimed that the economic downturn had forced that to reduce spending as concerts, movie tickets, sporting events, DVDs/Blu-rays and video games.
On Average, TV watching per week has risen to nearly 18 hours from less than 16 hours at this time last year. For Generation Y (those born between 1980 and 1995) have shown the largest increase.
“Television was a big beneficiary of (the recession),” said Ed Moran, director of insights and innovation at Deloitte. “The data does not support the demise of television, and advertising on television is still more effective than online ads.”
TV’s resurgence in programming may also be ascribed to viewers’ growing passion for their favorite shows, Moran said.
“There is much more passion around TV shows and they are using TiVos and DVRs to watch what they want to watch,” Moran said. That attachment is fueling better-targeted ads that have become increasingly effective, he said.
83-percent of consumers ranked TV ads among the top three media venues that influence their purchasing decisions. More than half of all U.S. consumers and 69 percent of Gen Y say online customer reviews of products and ratings influence their buying decisions, the survey showed.
About a quarter of respondents said they’d like an online service that recommends products based on other people’s preferences, the survey showed.
“It’s becoming more and more clear that the ‘interrupt’ model (of Internet advertising) is less effective than working with people around (consumers) to influence their purchasing behavior,” Moran said. “There is really pointed data here about how important online recommendations are. I think a lot of retailers are missing the boat.”
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