U.S. consumers are planning to spend 8 percent more on consumer electronics this holiday season than last year, despite a drop in overall spending. That’s according to the 16th Annual CE Holiday Purchase Patterns Study, unveiled Monday by the Consumer Electronics Association.
The study found that 80 percent of adults plan to buy CE products this holiday season, the highest number for that question in the series’ history. CEA also found that while overall spending on all products this holiday season will drop slightly, overall gift spending will rise 4 percent.
In addition, 66 percent of consumers are "likely" or "very likely" to visit a store for electronics, with a similar 67 percent planning to purchase the goods at a "mass merchant."
Core products are expected to be computers, video games, televisions and digital cameras, with Blu-ray players, e-readers and netbooks emerging as strong categories.
"Pent up demand for technology products is evident in consumers` gift wish lists and holiday CE purchase plans," Steve Koenig, CEA`s director of industry analysis, said as part of the announcement. "Some twenty percent of consumers say they plan to spend more on gifts compared to last year, with electronics leading the way."
The results were revealed at the CEA Industry Forum in Arizona Monday.
"Consumers remain wary but there are signs of optimism in our holiday forecast," Shawn DuBravac, CEA`s chief economist and director of research, said in a statement. "As the holiday approaches, consumer appetite for technology highlights the resiliency of the tech sector."
