U.S. households spent $201 less on consumer electronics (CE) products in the past 12 months as compared with the previous year, according to a survey by the Consumer Electronics Association (News - Alert) (CEA).
CEA’s 13th Annual Household CE Ownership and Market Potential Study said the average household spent on CE products was $1,179 in the past 12 months.
The average adult spent $652 on CE products in the past 12 months, showing a decrease from $794 in the previous year.
Women spent less than men. Women spent $520 on CE, down $111 from last year. Men personally spent $793, down $176 from the 12 months before. The household owned 24 discrete CE products, down from 25 devices last year.
“Consumer ownership of most devices has increased despite consumers spending less on CE in the past year,” said Brian Markwalter, senior vice president of research and standards at CEA.
“Several factors have led to a decrease in spending, including changes in consumer purchase patterns, product consolidation, decreasing price points and the high unemployment rate,” Markwalter added.
Video products are in demand. Video products continue to be the most-owned CE device in the U.S. Around forty percent of televisions in the U.S. households are HDTVs with LCD TVs being the preferred choice. Internet-connected TVs and 3DTVs are two new products driving video growth.
Around 10 percent of consumers are planning to purchase an Internet-connected TV in the next year. With this trend, broadband-enabled TVs are expected to have a quick uptake in coming months.
Household penetration for LCD TVs grew the most of any CE device over the past 12 months as well, growing 12 percent year over year. Wireless CE products also gained momentum among U.S. households.
According to Datamonitor's new report “Consumer Electronics: Global Industry Almanac” the global consumer electronics market grew by 1.4 percent in 2009 to reach a value of $253.7 billion. In 2014, the global consumer electronics market is forecast to have a value of $289.5 billion, an increase of 14.1 percent since 2009.
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Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.
Edited by Jennifer Russell