Consumers plan to spend more on electronics this holiday, according to a forecast by the Consumer Electronics Association.
Consumers plan to spend an average of $222 on consumer electronics this holiday season, up 8 percent from a year ago. Consumer electronics devices comprise four of the top 10 items on adults’ holiday gift wish list, with computers and video games ranking No. 2 and No. 3 behind clothing. The trade group announced the forecast at its Consumer Electronics Association Industry Forum. The CEA estimates the U.S. consumer electronics industry will hit $172 billion in sales this year.
“There are signs of optimism in our holiday forecast,” said Shawn DuBravac, CEA’s chief economist and director of research. “As the holiday approaches, consumer appetite for technology highlights the resiliency of the tech sector.”
The CEA said that four of five adults plan on buying gadgets this holiday season. Overall gift spending will increase four percent over last year despite a drop in overall holiday spending. About 48 percent of consumers plan to buy consumer electronics products for themselves.
“Pent up demand for technology products is evident in consumers’ gift wish lists and holiday CE purchase plans,” said Steve Koenig, CEA’s director of industry analysis. “Some twenty percent of consumers say they plan to spend more on gifts compared to last year, with electronics leading the way.”
Televisions and digital cameras are among the top ten gifts this year. Blu-ray players, eReaders and netbooks, are among the most wanted and hottest gifts this season. These products are in adults’ top 10 CE wish list for the first time, joining mainstays such as notebooks, portable MP3 players and flat-panel TVs.
About two thirds of consumers said they were very likely to look at electronics in a store, even if they don’t plan to buy.