There’s no mistaking the impact technology has had in our lives. Once a novelty, technology has now infiltrated every aspect of modern society, and technological advances continue to bring new dimensions to modern living. Yet for all the good that technology brings us – and despite the costs associated with production falling year-on-year – purchasing electronics is often a significant investment.
According to new research by Carphone Warehouse, the average price of electronics in the last year is just shy of £500 at £497.70. Consumers looking to make savvy savings on big tech purchases must both understand what the industry average is for the product category they’re interested in, and learn when prices will be lowest so they can make the purchase at the right time. The electronics retailer outlined the following tips for consumers looking to take stock of technology prices.
- Know what the average price is, so you can spot the biggest savings
The first step to being able to haggle a better price is knowing what benchmarks to look out for. While you can choose to go under or over the average price – high-end models are often priced significantly higher than average, after all – it can still be useful to know what to compare prices against. The average smartphone currently retails at £527.60, laptops at £680, TVs at £712.31 and digital cameras at £782.60.
As mentioned, there are significant differences between the price of budget and top-end items. For example, while you could get a budget phone such as the Nokia 1.3 for just £65, an Apple iPhone 11 Pro Max could set you back £1,249. Similarly, while a low-end camera like the Nikon Coolpix B500 costs around £205, the camera behemoth that is the Canon EOS 5D Mark IV clocks in at a whopping £1,700.
- Before you buy, consider any upcoming sales
Once you’ve figured out what you want and the price you’re willing to pay, it can be tempting to make your purchase immediately – for fear of missing out, if nothing else. However, using the sales to your advantage could result in some nifty savings, while keeping abreast of the consumer retail industry could also help you buy at just the right time. Below is a short rundown of some key dates to keep in mind:
January: The start of the year usually sees retailers clearing their Christmas stock, with smartphones, cameras and TVs offered at sale prices. January is also when the Consumer Electronics Show (CES) is held; an event in which new cameras are often announced. If you spot a gem in the CES crowd, wait a couple of months and you could see last-gen models fall in price.
February: As well as Valentine’s Day sales, February sees the Mobile World Congress (MWC) and the announcement of new Sony releases. This month is also a great time to buy the Google Pixel and other smartphones – again due to their release cycle – as well as nab yourself a bargain camera, TV or laptop.
March-April: Look out for a ton of new releases in the spring months, with Huawei, Samsung and Sony releasing their new smartphones, and LG, Samsung, Sony and Panasonic announcing their new TV ranges.
July, August, September: The summer months bring back-to-school sales that typically see student essentials at lower prices. You may be able to enjoy a wide range of deals on TVs, laptops, computers and more during this time. Keep in mind that July is also when Intel and AMD announce their new releases. Responsible for many of the processors that make up the backbone of much of our electronic products, Intel and AMD inspire many brands to lower their prices in anticipation of incorporating their new, advanced processors into their product lines.
November-December: Black Friday and Cyber Monday are undoubtedly the biggest sale events in the consumer electronics space, with deals, discounts and flash sales offered across the entire gamut of the tech world. It’s the optimum time to invest in premium brands, including Apple, Samsung and Google.
- Embrace the pre-order period for additional bonuses
If you’re an early adopter and only the latest innovations will do, you may not be keen on last-gen products. But keeping up to date with the latest gadgets needn’t mean your bank balance has to take a hefty hit. While costs will naturally be higher for new releases, ordering during the pre-order period could mean you’re able to take advantage of bundle deals or other freebie items provided by the retailer to entice uptake. Sign up to notifications on the products you’re interested in, so you’re forewarned and ready for the pre-order period.
- Learn some insider tips to beat retailers at the price game
As a final point, when it comes to saving on tech-related purchases, it can be handy to understand retailer behaviour. For example, if you’re looking to upgrade your TV at a cutthroat price, aim for the 55” models. As it’s the most popular size, retailers tend to drop prices on these first in their holiday sales.
If you’re buying tablets, waiting until a new model has been released is usually the best time to get the best prices; last-gen iPads are often discounted a couple of months after a new release. Similarly, if Android tablets are your preference, all you have to do is wait a few months for the newest release to start seeing price drops. And if Kindles are your go-to tablet, it’s probably no surprise that Amazon is the best place for bargains, and particularly so on Amazon Prime Day.
There’s vast potential in technology – and consumer electronics are seeing more and more innovations every year. But, as long as retailer behaviour stays fairly consistent, the information above can help you comfortably get the most for your money.
