After a year of uncertainty, service contracts can offer holiday peace of mind for consumers
~ New survey highlights how remote learning, pandemic-driven DIY projects, and pets were the cause of many repairs and replacements ~
TALLAHASSEE, Fla. — The year 2020 will forever be remembered as the time the world turned upside down, changing household habits big and small – and producing an increase in issues related to consumer electronics and appliances. A new nationwide survey by the Service Contract Industry Council (SCIC) shows just what’s causing the mayhem in this pandemic-wracked year.
Key findings include:
- Among parents whose kids used remote learning this year, 50% say they’ve had to repair or replace a laptop or electronic device needed for school.
- The majority of Americans embarked on a DIY home improvement project during the COVID-19 pandemic. But of those who attempted a project, nearly two-thirds (62%) said their failed fixer-upper left them needing to repair or replace a household good.
- Perhaps unsurprisingly, parents with kids 11 and younger were 40% more likely to admit having a phone dropped in the toilet compared with the average individual.
- Dog and cat owners had a tough time keeping their electronics and appliances in working order – pet owners were 25% more likely to have had a home appliance or consumer electronic break within the past year.
More than one-third of consumers (37%) say they wish they could go back in time and purchase a service contract on something that broke in 2020. These findings and others suggest that this Black Friday and holiday season, a service contract is the ultimate 2020 gift.
“There’s no doubt that Americans could use more tranquility after such a turbulent and stressful year,” said Tim Meenan, SCIC executive director. “Thankfully, service contracts give consumers peace of mind that when something breaks, they’re covered. That means they can spend more time enjoying the things that matter – rather than the headache of a broken product.”
Service contracts are sold at the point of sale or after purchase, and can even cover smaller products such as e-readers and video games. Consumers purchase millions of service contracts annually, citing peace of mind and time saved tracking down repairs.
The survey was conducted November 18-19, 2020, and included a representative sample of 1,197 consumers. For complete survey results, click here.