CEA: $1,400 Spent Annually on Electronics Products23 Apr, 2008 By: Erik Gruenwedel
Spurred by sales of high-definition televisions, mobile phones, MP3 players, laptop computers and digital cameras, the average U.S. household spent about $1,405 in the past 12 months on consumer electronics, according to a new report.
That's up $120 from a similar report last year.
The study, released by the Consumer Electronics Association, said the average U.S. household owns 24 electronics products, down from 25 a year ago due to increased preference for multi-functional devices.
Households with three or more people reported owning 32 devices, compared to 17 for smaller households.
Men tend to own more devices (25) than women (21) and will spend on average $1,000 on CE products this year compared to women, who will spend about $600.
Indeed, women still influence household CE purchases as they represented 45% of all retail purchases in 2007.
Consumers 45 years old and younger, those with children in the home and those with higher incomes tend to spend more on CE products than the average adult, according to the report.
Chris Ely, senior analyst of market research at CEA, said HDTV has the ability to reach 50% market penetration and equal to digital TV by the end of the year.
“With the transition to digital television coming, lower prices and an increased awareness of the benefits of high definition, many consumers are deciding to upgrade their televisions,” Ely said.
The report said increased availability of multi-functional devices is giving consumers the ability to take pictures with their cell phone or watch a DVD on a portable GPS system.
“Consumers are seeking portable consumer electronics products,” Ely said. “The ability to listen to music, check e-mail and make calls while on the go is what consumers want.”