Consumer research highlights 13.9 million home internet cord-cutters in the US
DALLAS, April 26, 2022 /PRNewswire/ — New research from Parks Associates, found in Quantified Consumer: Fixed vs. Wireless – Consumers’ Shifting Broadband Preferences, reveals that US internet households pay an average of $116 per month for their home internet, including both standalone and bundled internet. The research examines consumer demand for broadband connectivity, including demand for new network types and the rationales for broadband cord-cutting, noting consumer savings of $600–$1,800 annually should consumers cut their home internet service.
According to the research, there are over 13.9 million home internet cord-cutters in the US, a missed revenue opportunity of more than $10.5 billion. Cord-cutters exist for a variety of reasons – cost and preference for mobility are top triggers, but technical issues and lack of availability also impact their decisions.
"Consumers overall are increasingly concerned with quality over price; however, older households are concerned about costs," said Kristen Hanich, Director of Research, Parks Associates. "Over 80% of those 65+ cite cost as a factor for cancelling their home internet, and almost two-thirds of this age group say that they prefer using their mobile internet."
While there is some interest in cancelling home internet services, consumers are increasingly upgrading to Gigabit speeds and adding on additional value-added services. A growing percentage of consumers are likely to be more concerned with the quality of their home internet service over the price. The pandemic, work at home, and increases in video consumption and video conferencing have all put pressure on networks, highlighting the importance of quality internet to consumers. Currently, half of home internet households receive at least one additional non-traditional service from their ISP.
"Consumer intention to upgrade their home internet service remains at an all-time high," Hanich said. "ISPs must elevate their value proposition or risk losing their customers to competitors,"
Parks Associates’ Research Director Kristen Hanich will present new data during BCAP’s 32nd Cable Academy event on April 27, 2022, in Lancaster, PA.
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About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates