Consumers May Buy Less, But Satisfaction Stays High (AAPL, HPQ, DELL, SNE, WHR, GE, SHLD)

Customer satisfaction with purchases of durable goods in 2011 remains virtually identical with 2010 levels most likely as a result of falling prices. A survey of customer satisfaction with personal computers, appliances, and consumer electronics also notes that small appliance manufacturers posted the largest gains in customer satisfaction, a somewhat surprising result. And it’s very likely that lower prices also contributed strongly to buyer satisfaction.

The American Customer Satisfaction Index (ACSI) rates customer satisfaction on a scale of 0-100, and the overall score for personal computer satisfaction came in a 78, flat with the 2010 score. For appliances, the 2011 industry score was 81, down slightly from last year’s 82. And for consumer electronics products like Blu-Ray Disc players and TVs, the satisfaction score was unchanged at 85.

Among computer makers, Apple Inc. (NASDAQ: AAPL) led the field with a score of 87, trailed by Hewlett-Packard Co. (NYSE: HPQ) with 78 and Dell Computer Inc. (NASDAQ: DELL) with 77. An aggregate group of other manufacturers, including Sony Corp. (NYSE: SNE), also scored 77.

Appliance maker Whirlpool Corp. (NYSE: WHR) scored 82, leading General Electric Co. (NYSE: GE) with a score of 79. GE’s score fell by 3 points and Whirlpool’s fell by 1. ACSI noted that the aggregate score of all other makers, including the Kenmore brand from Sears Holdings Corp. (NASDAQ: SHLD), rose to an industry-leading score of 83. That’s the highest score ever for this group.

The ASCI survey did not specify the leading makers of consumer electronics gear, but the industry’s overall score of 85 made it the leader among the 47 industries the survey measures.

A significant contributor to customer satisfaction is very likely attributable to lower prices. The survey notes that “price cuts on flat-panel TVs and [Blu-Ray Disc] players contribute to strong and stable customer satisfaction for the industry.” That is, if buyers thinks they got a good deal they are less likely to be critical of the product. No one wants to be thought a sap for buying a crummy product.

The low-price effect is probably most pronounced in the consumer electronics field, but stagnant pricing has also affected the appliance business, and with the exception of Apple, the computer business as well. Apple’s premium pricing essentially guarantees a high-level of satisfaction. Again, no MacBook Air buyer wants to admit to making a $1,400 mistake when a Dell PC would have cost less than half that.

Still, Apple’s reputation for innovation and quality continue to pay off for the company. The company’s stock has posted a new 52-week and all-time high of $418.20 in the first hour of trading this morning.

Paul Ausick