8:57am PT by Carolyn Giardina
Holiday Tech Spending Could Reach $135 Billion, Says Consumer Association
Consumer tech spending on hardware and related services during the holiday season (October-December) is projected to reach $135 billion in revenue in the U.S. — a 10 percent increase from last year — according to a new study released on Wednesday by the Consumer Technology Association.
Smartphones topped the list of expected tech purchases, with two thirds of survey participants saying they expect to upgrade to one with 5G capabilities. (Last week Apple announced the 5G supported iPhone 12 will be released next month).
Following smartphones, most consumers expecting to make tech purchases are eyeing laptops, video game consoles (Xbox Series X and PlayStation 5 are coming this season), TVs and wearable devices, according to CTA's 27th annual Consumer Technology Holiday Purchase Patterns study, which was released on Wednesday.
Additionally, the findings suggest that 70 percent of holiday shoppers surveyed plan to purchase at least one content-related gift this season such as gaming, video or audio streaming services.
“With consumers forgoing budgets for travel and experiences this year, more dollars will go towards technology gifts that support connection, productivity, health and entertainment, as technology has been a critical asset to so many during the ongoing pandemic," said Lesley Rohrbaugh, CTA's director of market research.
This CTA study was administered to an online sample of 2007 U.S. adults between Sept. 10-13. CTA is the producer of the CES confab, which this year will be a virtual event.