Holiday season tech spending to reach record levels
October 7, 2014
Technology trade association the Consumer Electronics Association (CEA) predicts the 2014 holiday season will see the highest levels of consumer spending on consumer electronics (CE) since CEA began tracking holiday spending in 1994. According to CEA’s holiday outlook, total tech spending during the holidays will increase 2.5 per cent (up from 0.9 per cent growth in 2013) to reach a record $33.76 billion during the 2014 holiday season. “Consumers are decidedly more optimistic about holiday spending on tech this year versus last year,” said Shawn DuBravac, CEA’s chief economist and senior director of research. “The macroeconomic environment is providing a firmer foundation and holiday consumers are showing a strong inclination to shop this holiday season. CEA’s forecasts point to growth in overall spending as well as spending on tech this holiday season.”
According to CEA’s 21st Annual CE Holiday Purchase Patterns Study, similar to last year the five CE gifts US adults most want to receive are also the top five products driving the majority (51 percent) of total revenue for the CE industry in 2014. Combined, these products are expected to generate $108.8 billion in revenue in 2014, according to CEA’s U.S. Consumer Electronics Sales and Forecast.
Top Holiday Tech Wish List:
The tech products that consumers most want to receive as gifts this holiday season are: