While some consumers might be strapped for cash this holiday season – that’s not going to stop them from racking up on the latest electronic products to dole out as gifts.
Consumer Electronics Association’s 15th Annual CE Holiday Purchase Patterns Study found that while consumers plan to spend less amid the slowing economy – they actually plan to allot more of their budget fund to electronic gifts.
According to the survey, consumers plan on spending a total of $1,437 this year on holiday shopping, including gifts, food and decorations, down nearly $200 from last year since consumers are grappling with cost of living increases and economic concerns.
Still, while spending less, many are preparing to spend more on consumer electronics. Twenty-eight percent of the total holiday budget is being allocated for CE purchases, an increase of six percent from last holiday, according to the survey.
Since electronics products continue to top the holiday wish lists of adults and teens, the projected growth for fourth quarter industry shipments totaled 3.5 percent growth compared to last year.
How about you? Will you be spending more or less on consumer electronics for your family this holiday season?