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January 4, 2023
Domestic spending on consumer electronics and related technology is projected to reach $485 billion in 2023, according to new data from the Consumer Technology Association. While the tally is below the record $512 billion consumers spent in 2021 at the height of the pandemic, it remains $50 billion above pre-pandemic levels in 2019.
Spending categories include consumer electronics, gaming, video and audio streaming apps, automotive technology, fitness and health devices, among others.
“The technology industry is a deflationary force in the global economy,” Gary Shapiro, president and CEO of CTA, said in a statement ahead of this week’s annual Consumer Electronics Show in Las Vegas. “The constantly evolving nature of technology leads industries to find newer, more efficient ways to drive commerce. CES has become the destination for innovators who are making business more efficient and improving our quality of life in industries like agriculture, transportation, health and so many more.”
The trade group has lowered sales projections for laptops, LCD TVs, tablets, smartphones and video game consoles, while the OLED TV is expected to see sales increases (up $2.3 billion) as manufacturers push the enhanced products. As previously reported, portable game consoles should see a 41% uptick in consumer spending to $1.5 billion from $1.06 billion.
Shapiro contends lawmakers in Washington, D.C., can help American entrepreneurs by advocating for a proactive and pro-innovation approach to trade.
“We need to eliminate tariffs that amount to taxes on U.S. businesses, and spur exports by striking new trade deals with our friends and allies,” he said.