U.S. consumer tech will grow 2.8% in 2024 to $512B | CTA
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The U.S. consumer technology retail revenues will grow 2.8% in 2024 to $512 billion, according to the forecast from the Consumer Technology Association.
The revenues will be up $14 billion from 2023, and it signals an uptick in consumer spending on tech products and services, according to the CTA, the trade group which will put on the CES 2024 trade show in Las Vegas next week. In the previous two years, the numbers dropped from past years.
Consumers will find lower prices on many tech products in 2024, underscoring the deflationary nature of technology, the CTA said.
“Despite inflation in most sectors of the U.S. economy, it’s noteworthy that consumer tech products like TVs, smartphones, and gaming hardware are being bought at lower prices by consumers,” said Richard Kowalski, senior director of business intelligence at CTA, in a statement. “Technology by nature is deflationary as innovation leads industries to find newer, more efficient ways to compete. Looking ahead to 2024, I expect developments in artificial intelligence will accelerate growth for consumer technology companies as they become more efficient and find more ways to meet consumer needs.”
The CTA also spelled out trends to watch next year. The 2023 numbers evidently came in better than expected, as the previous forecast was for a drop to $485 billion. The actual year came in at $498 billion in 2023. The revenues for 2024 are expected to be below the previous peak of $528 billion in 2021.
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