Changewave Research: Consumer Electronics & Satellite Radio

ChangeWave Research: Consumer Electronics & Satellite Radio

ChangeWave Research Report:

Consumer Electronics & Satellite Radio

Electronics Spending Slows but There Are Bright Spots –Including Laptops, High Definition Television and Large Screen LCD TVs

Overview

This report presents the most recent ChangeWave Alliance findings on consumer electronics spending for the fall season. The survey was conducted August 22-29, 2005, and a total of 1,638 members participated.

Bottom Line:One of the key findings of our most recent Consumer Spending report(9/12) was “….spending onConsumer Electronics looks slower over the next 90 days than it did in our June 2005 survey.”

The currentreport focuses on planned spending thisfall on consumer electronics items, andwhile the overall trend is little to no growth there are bright spots – includingLaptops, High Definition Television, and Large Screen LCD Flat Panel TVs.

While Big Box Specialty Stores (64%) remain the favorite place to shop for home entertainment and networking products, the momentum is in Online Shopping (47%) which registered a 5 pt gain since the last survey (Jan 2005). Notably, Dell Online has seena big increase in the percentage of respondents that prefer to shop there. Amazon has also registered gains. On the other hand, Best Buy and CircuitCity havelost market share.

Regarding Satellite Radio, current subscriptions are up since the previous survey – especially for cars and portable devices – and Sirius continues toclose the gap with XM. However, future subscription growth looks to be somewhat slower than we’ve experienced in recent quarters.

(A) Consumer Electronics Items

• Momentum Products. Laptop Computers (14%) showed the most positive momentum for the next 90 days, up 3 percentage points since our previous survey (March 2005). LCD Large Screen Flat Panel TVs (6%)also showed improvement.

• Momentum Services. Among the consumer services respondents plan on adding over the next six months, HD Television (12%) is up 2 percentage points from the previous survey. Music Download Services (5%) and Photo Upload Services (3%) also registered noticeable gains. Satellite Radio Service (4%),on the other hand, fell 2 pts.

• Preferred Places to Shop.While Big Box Specialty Stores (64%) remain the favorite place to shop for home entertainment and networking products, the big momentum is with Online Shopping (47%) – whichregistered a 5 pt gain for 2005.

• Best Buy and CircuitCity – Biggest Declines. While Best Buy (46%) is still the leading store for home entertainment and computer/networking products, it’s down 6 pts from its high reached in June 2005. CircuitCity (15%) has also lost 6 pts.

• Dell Online and CompUSA – Largest Gainers. Dell Online (13%) has jumped a healthy 6 ptssince our June 2005 survey.Amazon (12%) and CompUSA (9%) have also registered significant gains, as haveStaples (6%), and Office Depot (5%).

(B) Satellite Radio and Apple iPod

• Current Subscriptions. XM (5.2%) is still the top Satellite Radio provider among current subscribers. But Sirius subscriptions (3.7%) continue to close the gap, havingincreased at a slightly faster pace than XM’ssince our previous survey in March 2005.

• Growth Areas.Satellite Radio for the Car (7.1%) saw the largest increase in subscriptions – jumping 1.2 points since March 2005. Satellite Radio for a Portable Device (2.1%) also experienced an increase.

• Subscription Purchases – Next Six Months. Future subscription growth looks somewhat slower than we’ve experienced in recent quarters. A total of 8.4% plan to purchase a Satellite Radio subscription during the next 6 months – 3 pts.less than we saw in our May 2005 survey.We note that more respondents say they plan to purchase subscriptions with Sirius Satellite radio (4.2%) than with XM radio (1.9%).

• iPod Current Ownership Levels. Eighteen percent (18%) of respondents currently own an Apple iPod product, (Traditional, Mini, Shuffle or Photo). For the normally explosive growth iPod, this representsan unusually small 1-pt gain since June.

• iPod Planned Purchases. Seven percent (7%) say they’ll buy an iPod product in the next 90 days, up 2-pts from our June survey results.

Summary of Key Findings

The ChangeWave Alliance is a group of 5,000 highly qualified business, technology, and medical professionals in leading companies of select industries—credentialed professionals who spend their everyday lives working on the frontline of technological change. ChangeWave surveys its Alliance members on a range of business and investment research and intelligence topics, collects feedback from them electronically, and converts the information into proprietary quantitative and qualitative reports.

Helping You Profit From A Rapidly Changing World ™

Table of Contents

Summary of Key Findings...... 2

The Findings...... 4

(A)Consumer Electronics...... 4

(B)Satellite Radio and Apple iPod...... 11

ChangeWave Research Methodology...... 14

About ChangeWave Research...... 15

I. The Findings

Introduction

This report presents the most recent ChangeWave Alliance findings on consumer electronics spending for the fall season. The survey was conducted August 22-29, 2005, and a total of 1,638 members participated.

(A) Consumer Electronics

(1) Question Asked: Which of the following consumer items will you be spending more money on over the next 90 days than last year? (Check All That Apply)

Current Survey Aug ‘05 / Previous
Survey Jun ‘05 / Previous
Survey
Mar ‘05 / Previous
Survey
Jan ‘05 / Previous Survey Oct’ 04 / Previous Survey Aug ‘04
Consumer Electronics / 31% / 34% / 35% / 27% / 46% / 30%

(1A) Question Asked: And which of the following consumer items will you be spending less money on over next 90 days than last year? (Check All That Apply)

Current Survey Aug ‘05 / Previous
Survey Jun ‘05 / Previous
Survey
Mar ‘05 / Previous
Survey
Jan ‘05 / Previous Survey Oct’ 04 / Previous Survey Aug ‘04
Consumer Electronics / 30% / 27% / 30% / 30% / 26% / 27%

Net Difference Score – Current Survey (August 2005)

Spending More Next
90 Days / Spending Less Next
90 Days / Net Difference Score
Consumer Electronics / 31% / 30% / +1

Change in Net Difference Score – Current Survey (August 2005) vs. Previous Survey (June 2005)

Net Difference Score Current Survey (August 2005) / Net Difference Score Previous Survey (June 2005) / Change in Net Difference Score
Consumer Electronics / +1 / +7 / -6

Consumer Electronics Spending Slows. Spending on Consumer Electronics (Net Difference Score = -6) looks slower over the next 90 days than it did in our June survey.

(2) Question Asked: Focusing specifically on personal gadgets and home entertainment, which of the following items do you plan on buying for yourself or for someone else during the next 90 days including the "Back to School" season? (Check All That Apply)

Current Survey Aug ‘05 / Previous Survey Mar ‘05 / Previous Survey Jan ‘05 / Previous Survey
Aug ‘04
Digital Cameras / 15% / 14% / 13% / 15%
Laptop Computers / 14% / 11% / 9% / 12%
Desktop Computers / 9% / 10% / 9% / 10%
Cell Phones
Cell Phones Without a Camera (Non-PDA) / 7% / 7% / 5% / 12%
Cell Phones With a Camera (Non-PDA) / 6% / 6% / 6% / 7%
Smart Phones (Cell Phone with Integrated PDA) / 6% / 5% / NA / NA
Digital Music Players
iPod / 6% / 6% / 4% / 4%
Other MP3/Digital Music Players / 4% / 6% / 4% / 5%
LCD Flat Panel Televisions / NA / NA / NA / 6%
LCD Large Screen (more than 30 inches) Flat Panel TVs / 6% / 4% / 3% / NA
LCD Small Screen (30 inches or less) Flat Panel TVs / 4% / 5% / 3% / NA
DVD Players
Regular DVD Players / 5% / 5% / 3% / 5%
Portable DVD Players / 2% / 2% / 1% / 2%
Wireless Headset (Bluetooth) / 5% / 4% / NA / NA
Satellite Radio / 4% / 5% / 4% / 3%
Plasma Flat Panel TVs / NA / NA / NA / 3%
Plasma-HD Flat Panel TVs / 4% / 3% / 3% / NA
Plasma-Non HD Flat Panel TVs / 1% / 0% / 1% / NA
GPS (Global Positioning System) Devices / 4% / 4% / 3% / 3%
DLP-Based TVs / 2% / 3% / 2% / 2%
"Hybrid" PDAs (Email, Internet, IM - Without Cell Phone) / 1% / 2% / 2% / 3%
PDAs / 1% / 2% / 3% / 2%
Sony PSP (PlayStation Portable) / 1% / 1% / NA / NA
Video Game Consoles / 1% / 1% / 1% / 1%

Net Difference Score – Current Survey (Aug 2005) vs. Previous Survey (Jan 2005)

Current Survey Aug ‘05 / Previous Survey Mar ‘05 / Change
Score
Laptop Computers / 14% / 11% / +3
LCD Flat Panel Televisions
LCD Large Screen (more than 30 inches) Flat Panel TVs / 6% / 4% / +2
LCD Small Screen (30 inches or less) Flat Panel TVs / 4% / 5% / -1
Digital Cameras / 15% / 14% / +1
Plasma Flat Panel TVs
Plasma-HD Flat Panel TVs / 4% / 3% / +1
Plasma-Non HD Flat Panel TVs / 1% / 0% / +1
Wireless Headset (Bluetooth) / 5% / 4% / +1
Cell Phones
Cell Phones Without a Camera (Non-PDA) / 7% / 7% / 0
Cell Phones With a Camera (Non-PDA) / 6% / 6% / 0
Smart Phones (Cell Phone with Integrated PDA) / 6% / 5% / +1
DVD Players
Regular DVD Players / 5% / 5% / 0
Portable DVD Players / 2% / 2% / 0
GPS (Global Positioning System) Devices / 4% / 4% / 0
Sony PSP (PlayStation Portable) / 1% / 1% / 0
Video Game Consoles / 1% / 1% / 0
Desktop Computers / 9% / 10% / -1
Satellite Radio / 4% / 5% / -1
DLP-Based TVs / 2% / 3% / -1
"Hybrid" PDAs (Email, Internet, IM - Without Cell Phone) / 1% / 2% / -1
PDAs / 1% / 2% / -1
Digital Music Players
iPod / 6% / 6% / 0
Other MP3/Digital Music Players / 4% / 6% / -2

Momentum Products. Laptop Computers (14%) showed the most positive momentum for the next 90 days, up 3 percentage points since our previous survey (March 2005). LCD Large Screen Flat Panel TVs (6%) also showed improvement.

(3) Question Asked: Regarding home entertainment and networking, which of the following consumer services do you plan on adding over the next six months? (Check All That Apply)

Current
Survey
Aug ‘05 / Previous
Survey
Jan ‘05 / Previous
Survey
Aug ‘04
HD Television / 12% / 10% / 8%
Pure VoIP Service (e.g., Vonage) / 9% / 8% / 7%
Digital Video Recorder Service (DVR) Through Cable Provider / 3% / 2% / 1%
Digital Video Recorder Service (DVR) Through Satellite Provider / 2% / 2% / NA
Other TiVo-Like Digital Video Recorder Service / 3% / 2% / *NA
TiVo - Replay TV/Digital Video Recorder Service / 3% / 3% / *4%
Digital Cable Television / 6% / 5% / 4%
Cable Internet Service / 6% / 5% / 4%
DSL Internet Service / 6% / 5% / 5%
Music Download Service (e.g., iTunes, Rhapsody) / 5% / 3% / 3%
Satellite Television / 5% / 5% / 5%
Satellite Radio Service (For Home, Car or a Portable Device)** / 4% / 6% / 5%
Photo Upload Service (e.g., Webshots, Snapfish) / 3% / 1% / 1%
Regular Cable Television / 2% / 1% / 1%
Video-on-Demand / 2% / 1% / 1%
Cable Based Phone Service / 2% / 2% / 2%
Regular Over-the-Air Broadcasting (TV Antenna) / 2% / 1% / 0%
Pay-Per-View / 1% / 1% / 1%
Satellite Internet Service / 1% / 1% / 1%

*Note: In the current and previous Jan ’05 surveys we ask “TiVo – Replay TV/Digital Video Recorder Service” and “Other TiVo-Like DVR Service”, while in previous surveys there was only one response “TiVo/Replay TV/Other TiVo-like Digital Video Service”.

**Note: In the current and previous Jan ’05 surveys this response choice was “Satellite Radio Service (For Home, Car or a Portable Device)”, while in all other previous surveys, the choice was “Satellite Radio Service (For Home or Car).”

Momentum Services. Among the consumer services respondents plan on adding over the next six months, HD Television (12%) is up 2 percentage points from the previous survey. Music Download Services (5%) and Photo Upload Services (3%) also registered noticeable gains. Satellite Radio Service (4%),on the other hand, fell 2 pts.

(4) Question Asked: Currently, when my family and I shop for home entertainment and computer/networking products, we prefer to buy them at:(Check All That Apply)

Current
Survey
Aug ‘05 / Previous
Survey
Jan ‘05 / Previous
Survey
Oct ‘04 / Previous
Survey
Aug ‘04 / Previous
Survey
May ‘04 / Previous
Survey
Jan ‘04
Big Box Specialty Stores (e.g., Best Buy, Circuit City) / 64% / 64% / 64% / 67% / 71% / 64%
Online / 47% / 42% / 36% / 37% / 44% / 43%
Discount Stores (e.g., Price Club, Target, Wal-Mart) / 33% / 29% / 38% / 39% / 34% / 32%
Local Specialty Store / 11% / 11% / 11% / 9% / 12% / 15%
Specialty Stores (e.g., Tweeters) / 5% / 7% / 8% / 7% / 10% / 9%
None of the Above / 1% / 2% / 2% / 1% / 1% / 2%
Other / 2% / 3% / 2% / 2% / 2% / NA

Breakdown by Income Levels – Current Survey (August 2005)

Total / Less
Than
$50,000 / $50,001-$75,000 / $75,001-
$100,000 / $100,001-
$125,000 / $125,001-
$150,000 / Greater
Than
$150,000
Big Box Specialty Stores (e.g., Best Buy, Circuit City) / 64% / 53% / 55% / 62% / 71% / 64% / 66%
Online / 47% / 36% / 42% / 46% / 47% / 46% / 52%
Discount Stores (e.g., Price Club, Target, Wal-Mart) / 33% / 34% / 37% / 36% / 32% / 32% / 32%
Local Specialty Store / 11% / 16% / 14% / 10% / 9% / 9% / 10%
Specialty Stores (e.g., Tweeters) / 5% / 1% / 6% / 4% / 5% / 4% / 8%
None of the Above / 1% / 4% / 2% / 3% / 0% / 1% / 1%
Other / 2% / 3% / 3% / 1% / 1% / 4% / 3%

Preferred Places to Shop.While Big Box Specialty Stores (64%) remain the favorite place to shop for home entertainment and networking products, the big momentum is with Online Shopping (47%) – which registered a 5 pt gain for 2005.
(5) Question Asked: Which one or two of the following stores do you and your family most prefer to shop at for home entertainment and computer/networking products? (Choose No More Than Two)

Current
Survey
Aug ‘05 / Previous
Survey
Jun ‘05 / Previous
Survey
Jan ‘05 / Previous
Survey
Oct ‘04 / Previous
Survey
Aug ‘04
Best Buy / 46% / 52% / 50% / 49% / 50%
Circuit City / 15% / 21% / 18% / 18% / 18%
Amazon / 14% / 12% / 12% / 16% / 12%
Costco / 14% / 19% / 14% / 15% / 15%
Dell Online / 13% / 7% / 15% / 18% / 10%
Fry's Electronics / 12% / 11% / 12% / 11% / 11%
CompUSA / 9% / 6% / 8% / 7% / 9%
eBay / 8% / 7% / 5% / 7% / 8%
Wal-Mart / 7% / 7% / 6% / 9% / 8%
Staples / 6% / 3% / 4% / 3% / 3%
Office Depot / 5% / 2% / 4% / 4% / 4%
Sam's Club / 5% / 7% / 5% / 6% / 7%
Buy.com / 4% / 4% / 4% / 6% / 5%
Target / 3% / 2% / 2% / 3% / 3%
Overstock.com / 2% / 1% / 2% / 3% / 2%
Radio Shack / 2% / 3% / 2% / 3% / 3%
CDW / 1% / 1% / 1% / 1% / 1%
Tweeter / 1% / 1% / 2% / 1% / 1%
Ultimate Electronics / 1% / 1% / 1% / 1% / 1%
Other / 10% / 12% / 10% / 9% / 9%

Breakdown by Income Levels – Current Survey (August 2005)

Total / Less
Than
$50,000 / $50,001-$75,000 / $75,001-
$100,000 / $100,001-
$125,000 / $125,001-
$150,000 / Greater
Than
$125,000
Best Buy / 46% / 34% / 36% / 44% / 53% / 48% / 48%
Circuit City / 15% / 16% / 19% / 16% / 16% / 14% / 13%
Amazon / 14% / 11% / 12% / 12% / 11% / 15% / 19%
Costco / 14% / 9% / 13% / 16% / 11% / 14% / 18%
Dell Online / 13% / 16% / 10% / 10% / 15% / 13% / 15%
Fry's Electronics / 12% / 14% / 11% / 11% / 11% / 13% / 12%
CompUSA / 9% / 6% / 7% / 9% / 10% / 12% / 9%
eBay / 8% / 11% / 8% / 7% / 8% / 8% / 7%
Wal-Mart / 7% / 6% / 12% / 9% / 7% / 5% / 4%
Staples / 6% / 4% / 10% / 5% / 6% / 6% / 5%
Office Depot / 5% / 3% / 7% / 6% / 5% / 1% / 4%
Sam's Club / 5% / 3% / 6% / 7% / 3% / 4% / 5%
Buy.com / 4% / 3% / 3% / 5% / 4% / 5% / 4%
Target / 3% / 3% / 5% / 2% / 2% / 2% / 2%
Overstock.com / 2% / 4% / 2% / 3% / 1% / 1% / 2%
Radio Shack / 2% / 4% / 3% / 3% / 1% / 2% / 2%
CDW / 1% / 0% / 1% / 0% / 0% / 0% / 2%
Tweeter / 1% / 0% / 1% / 2% / 1% / 0% / 1%
Ultimate Electronics / 1% / 1% / 0% / 0% / 1% / 1% / 1%
Other / 10% / 11% / 13% / 7% / 11% / 12% / 9%

Best Buy and CircuitCity – Biggest Declines. While Best Buy (46%) is still the leading store for home entertainment and computer/networking products, it’s down 6 pts from its high reached in June 2005. Circuit City (15%) has also lost 6 pts.

Dell Online and CompUSA – Largest Gainers. Dell Online (13%) has jumped a healthy 6 pts since our June 2005 survey.Amazon (12%) and CompUSA (9%) have also registered significant gains, as have Staples (6%), and Office Depot (5%).

(B) Satellite Radio and Apple iPod

(6) Question Asked: Do you currently have a subscription to Satellite Radio for your car, home or a portable device? (Check All That Apply)

Current
Survey
Aug ‘05 / Previous
Survey
Mar ‘05 / Previous
Survey
Oct ‘04 / Previous
Survey
May ‘04
Yes - For My Car / 7.1% / 5.9% / 5.0% / 4.5%
Yes - For My Home / 2.7% / 2.8% / 1.2% / 2.2%
Yes - For a Portable Device / 2.1% / 1.6% / 1.5% / 1.2%
No Subscription to Satellite Radio / 89.6% / 90.7% / 90.6% / 93.4%

Growth Areas.Satellite Radio for the Car (7.1%) saw the largest increase in subscriptions – jumping 1.2 points since March 2005. Satellite Radio for a Portable Device (2.1%) also experienced an increase.

(5A) Question Asked: Is your current subscription to XM Satellite Radio or Sirius Satellite Radio (i.e., for your car, home or a portable device)?

Current
Survey
Aug ‘05 / Previous
Survey
Mar ‘05 / Previous
Survey
Oct ‘04 / Previous
Survey
May ‘04
XM Satellite Radio / 5.2% / 4.5% / 3.7% / 3.8%
Sirius Satellite Radio / 3.7% / 3.1% / 2.0% / 1.3%

Current Subscriptions. XM (5.2%) is still the top Satellite Radio provider among current subscribers. But Sirius subscriptions (3.7%) continue to close the gap, having increased at a slightly faster pace than XM’s since our previous survey in March 2005.

(7) Question Asked: Do you plan on purchasing a Satellite Radio subscription during the next 6 months? (Check All That Apply)

Current Survey Aug ‘05 / Previous Survey Mar ‘05 / Previous Survey Oct ‘04 / Previous Survey May ‘04
Yes - For My Car / 4.3% / 5.8% / 8.4% / 7.4%
Yes - For My Home / 1.4% / 2.6% / 3.1% / 2.6%
Yes - For a Portable Device / 2.7% / 3.1% / 3.4% / 2.3%
No - I Don't Plan on Buying a Satellite Radio Subscription / 84.5% / 78.9% / 74.3% / 80.1%
Don't Know / 5.9% / 8.6% / 9.5% / 6.8%

Subscription Purchases – Next Six Months. Future subscription growth looks somewhat slower than we’ve experienced in recent quarters. A total of 8.4% plan to purchase a Satellite Radio subscription during the next 6 months – 3 pts. less than we saw in our May 2005 survey.We note that more respondents say they plan to purchase subscriptions with Sirius Satellite radio (4.2%) than with XM radio (1.9%).

(7A) Question Asked: Will you purchase your subscription with XM Satellite Radio or Sirius Satellite Radio (i.e., for your car, home or a portable device)?

Current Survey Aug ‘05 / Previous Survey Mar ‘05 / Previous Survey Oct ‘04 / Previous Survey May ‘04
Sirius Satellite Radio / 4.2% / 6.4% / 6% / 6%
XM Satellite Radio / 1.9% / 3.2% / 3% / 3%
Don't Know/No Answer / 2.9% / 4.2% / 3.1% / 2%

Planned Purchases.By a greater than 2-to-1 margin,more respondents plan to purchase subscriptions with Sirius Satellite radio (4.2%) than with XM (1.9%).

(8) Question Asked: Some analysts believe the popularity of iPods (and other MP3 players) could cause a slowdown in Satellite Radio demand. But others believe iPods and MP3's will increase Satellite Radio demand. What about you? As a Satellite Radio subscriber, if you owned an iPod/MP3 player would it cause you to listen to more Satellite Radio, less Satellite Radio, or would it have no effect?(n=151)

Would listen to more Satellite Radio if I owned an iPod/MP3 player / 9%
Would listen to less Satellite Radio if I owned an iPod/MP3 player / 5%
No Effect / 70%
Don't Know / 11%
Not Applicable / 5%

Little Evidence of an “iPod Effect” on Satellite Radio. Among current Satellite Radio subscribers 9% say owning an iPod would cause them to listen to more Satellite Radio, while 5% say it would make them listen less.

(9) Question Asked: Do you currently own an Apple iPod? (Check All That Apply)

Current Survey Aug ‘05 / Previous
Survey Jun ‘05 / Previous Survey Mar ‘05
Yes, Apple iPod / 9% / 10% / 8%
Yes, Apple iPod Mini / 5% / 5% / 2%
Yes, Apple iPod Shuffle / 3% / 1% / 1%
Yes, Apple iPod Photo / 1% / 1% / 0%
No / 82% / 83% / 88%

iPod Current Ownership Levels. Eighteen percent (18%) of respondents currently own an Apple iPod product, (Traditional, Mini, Shuffle or Photo). For the normally explosive growth iPod, this represents an unusually small 1-pt gain since June.

(9A) Question Asked: Do you plan on purchasing an Apple iPod in the next 90 days? (Check All That Apply)

Current Survey Aug ‘05 / Previous
Survey Jun ‘05 / Previous Survey Mar ‘05
Yes, Apple iPod / 3% / 2% / 3%
Yes, Apple iPod Mini / 2% / 2% / 2%
Yes, Apple iPod Shuffle / 1% / 0% / 1%
Yes, Apple iPod Photo / 1% / 1% / 1%
No / 84% / 84% / 83%
Don't Know / 6% / 9% / 9%

iPod Planned Purchases. Seven percent (7%) say they’ll buy an iPod product in the next 90 days, up 2-pts from our June survey results.

II. ChangeWave Research Methodology

This report presents the findings of a recent ChangeWave Alliance survey on Consumer Electronics Spending for the Fall Season. The survey was conducted August22– 29, 2005, and a total of 1,638Alliance members participated.

The Alliance’s proprietary research and business intelligence gathering system is based upon the systematic gathering of valuable business and investment information directly over the Internet from accredited members.

ChangeWave surveys its Alliance members on a range of business and investment research and intelligence topics, collects feedback from them electronically, interprets and reconciles the information in a cohesive manner and converts the information into valuable quantitative and qualitative reports.

The Alliance has assembled its membership team from senior technology and business executives in leading companies of select industries. Nearly 3 out of every 5 members (58%) have advanced degrees (e.g., Master’s or Ph.D.) and 94% have at least a four-year bachelor’s degree.

The business and investment intelligence provided by the Alliance provides a real-time view of companies, technologies and business trends in key market sectors, along with an in-depth perspective of the macro economy – well in advance of other available sources.

III. About ChangeWave Research

ChangeWave Research, a subsidiary of Phillips Investment Resources, LLC, identifies and quantifies "change" in industries and companies through surveying a network of thousands of business executives and professionals working in more than 20 industries.