The two leading panel types in the current smartphone market are OLED (organic light-emitting diode) and LCD (liquid crystal display). Even though OLED is known to show more vivid and brighter colors, however, LCD is still dominant in the market. In the rising era of HMDs (head-mounted displays), the present study examined which panel the consumers prefer in the smartphone and HMD context by investigating the characteristics of panels as perceived by the consumers as well as the consumers' VR (virtual reality) material preferences. The characteristics of the different panels as perceived by the consumers were extracted, and the users' VR material preferences were ranked. The study findings indicate that OLED should be used for HMDs to increase the consumers' satisfaction. Furthermore, the users did not find any significant difference between the two different luminance values of the OLED panel that was used for the study, which indicates that the luminance of the panel can be optimized for a comfortable and satisfying HMD viewing setting.