Report: Despite Curbed Overall Spending, Consumers to Buy More Electronics19 May, 2008 By: Chris Tribbey
A new Understanding & Solutions global electronics spending report shows that consumers won't be buying as much in 2008 as they did in 2007, but overall spending on home electronics will continue to climb.
The study said consumer electronics sales rose 15% in 2007 to $480 billion, and will rise another 7.6% in 2008 to $516 billion, despite rising food and gas prices and a credit crunch in both the United States and the United Kingdom. Spending in China, Russia and India is helping to offset lower spending in the West.
TVs, video and audio equipment accounted for 33% of all consumer electronic sales in 2007, while PCs and related computer equipment accounted for 26%. Mobile equipment accounted for 24%, while digital cameras, GPS units and video game equipment accounted for the rest.