According to the Consumer Electronics Association (CEA), the Holiday 2015 season will set a new record for consumer spending in general and also for tech. The Holiday quarter is essential for consumer electronics companies. This is the time most consumers buy tech gifts for their loved ones or treat themselves to a new device.
CEA, producer of the CES Trade show, forecasts overall spending this holiday season to increase 3.4 percent to reach $788.5 billion. Further, spending on consumer electronics during the holiday season is expected to reach nearly $34.2 billion, a growth of 2.3 percent.
“CEA’s 2015 holiday forecast suggests the holiday shopping season that lies before us will be the biggest on record,” said Shawn DuBravac, CEA’s chief economist and senior director of research. “Coupled with general holiday buying, Americans are showing a strong propensity for tech this holiday season.”
A 3rd of the surveyed consumers plans to buy an emerging tech product. The most popular emerging tech gadgets will be smart home devices (15 percent), wearable fitness activity trackers (12 percent), smart watches (12 percent), action cameras (12 percent) and drones (7 percent).
While most consumers wish to get a TV as Christmas present, the reality is that they are more likely to get a headphones. CEA expects that headphones and earbuds will be the most popular tech gift of 2015 Holidays.
The study also revealed that more consumers plan to shop later in the season. They believe that the best deals are at or after Black Friday 2015. 71% of consumers, a 10% increase from 2014, plan to wait until November or December to start their holiday shopping.
While there are deals in the weeks before Black Friday, the bulk of the best deals is available in the Thanksgiving Day week and beyond. Retailers continue to offer deals after Black Friday and Cyber Monday to keep the sales momentum going until it dies off a few days ahead of Christmas.
As expected mobile shopping is continue to rise. The CEA study says that two-thirds of consumers who plan to spend money on consumer tech will likely using a mobile device, such as a smartphone or tablet for shopping.
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