Retail, Technology

Earnings Call: Best Buy’s Favorability on the Rise

Image Credit: "Best Buy Aintree - Grand Opening" by roblawton is licensed under CC BY-SA 2.0

Investors in the tech superstore Best Buy are hoping the company can build off a good start to the year with another strong quarter in its earnings call on Thursday.

CivicScience has been tracking consumer sentiment toward Best Buy for years. The summer of 2019 marks continued progress for the brand, as unfavorable feelings continue to diminish and favorable responses rise.

Over the past three months, the brand’s unfavorability rating hit an all-time low of 12%. In a study of more than 34,000 U.S. adults over the past 90 days, CivicScience uncovered some insights about the Best Buy shopper:

Demographics

In terms of gender, Best Buy fans tended to be male, while women had more neutral or unfavorable feelings.

Interestingly, adults under the age of 25 were the group most likely to be favorable toward Best Buy.

As far as income goes, fans of Best Buy were 14% less likely to make less than $50,000 per year. Overall, though, income did not play a large role.

Best Buy Fans Are (Of Course) High-Tech

As might be expected, Best Buy enthusiasts were more likely to follow technology trends than the general population. They over-index as owners (or intended owners) of smart speakers, smart home automation products, and augmented reality devices. They’re also especially interested in foldable smartphone technology:

What Other Brands Do Best Buy Fans Like?

Best Buy fans like Walmart well enough, but they like Target even more.

And it wouldn’t be out of the question to see a Best Buy shopper or two sipping a Starbucks coffee while they look for smartwatches. Best Buy favorables were 18% more likely to enjoy some Starbucks now and then compared to those neutral or unfavorable toward the tech store.

According to CivicScience’s latest data, the average Best Buy enthusiast in 2019 is a middle- to high-income man, perhaps on the younger side. He has a penchant for keeping up with the latest technology — and a strong affinity for Target runs.

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