The consumer electronics sales in the US are showing a steady growth and likely to continue growing due to high living standards and rising demand for electronics in the country.
In 2006, the consumer electronics’ revenue touched US$ 145 Billion in the US recording a significant 13% increase over the past year against an anticipated increase of 8%. In addition to that, in 2007, US’s consumer electronics’ factory sales are expected to cross US$ 150 Billion, as per the “Consumer Electronics Market Worldwide (2007)” research report by RNCOS.
An Industry Trade Group, CEA (Consumer Electronics Association), predicted on October 15, 2007 that there would be a 7.4% growth in the consumer electronics’ industry during this year’s (2007) holiday season due to the rising demand for laptop PCs, video games and mobile phones, according to the Latimes.
More number of households wants more portability now-a-days, and thus, they are going for laptops than desktops. The laptops are more capable now than they used to be, making content creations easy. The video games as well as other devices are now adding user interfaces and social networking applications, and are also connecting consumers all over the world. Accessories too are making the user experience much richer as it enhances these products.
The boom in the sale of US’ consumer electronic goods is also because the industry is changing according to the consumers’ choice, and is providing products that consumers purchase. The new tech-savvy American youth too is contributing to the market’s growth. The Americans now seek quality products and worry less about the money because of their high living standard and increasing financial status.
The CEA said that in the Q4 of 2006, the consumers purchased digital cameras and flat-panel TVs in recording numbers, thus increasing the industry sales by 16%.
The constant increase in average incomes and low levels of unemployment in the country implies that the consumers will be spending this Christmas (2007), according to the industry analysts. They also said that even if there would be an increase in the holiday spending, the customers are reducing their spending on decorations, travel and home purchases except on electronics gifts.
In spite of the strong growth shown by the industry, less foreign investments poses challenge to the industry and the US government should take some serious measures to fight this challenge.
Related Market Research Reports:
Global Portable Electronics Market
Chinese Consumer Electronics Market till 2011
Consumer Electronics Market in Brazil (2007-2011)
