U.S. Households Spending More On Consumer Electronics
According to the CEA, the average U.S. household spent $1,380 on consumer electronics (CE) products in the past 12 months, an increase of $151 from last year. The average household spent 12 percent more on CE devices in the past year, and considering that "the past year" involved a chunk of 2009, that's fantastic news. The average adult spent $794 on CE in the past 12 months, up from $725 in 2009, and while women spent more on CE products than they did the year before, they still trail men in overall spending. Women spent, on average, $631 on consumer electronics, up $73 from 2009; men report personally spending $969 in the past 12 months, up $67 from the year before.
The study also found that the average household reports owning 25 CE products, up from 23 products last year. Brian Markwalter, CEA’s vice president of research and standards, commented on the news: "Consumer electronics continues to be a bright spot as spending increased despite a tough year for the overall economy. As consumer confidence climbs, along with the desire to own the latest technologies, consumers will continue to view CE products as necessities in their lives."
The report also dug a little deeper into what people were buying, and it found that video products continue to be the top CE device consumers own, with HDTV ownership continuing to increase. Sixty-five percent of U.S. homes now own at least one HDTV, an increase of 13 percentage points from last year, making it the top industry growth driver of the past 12 months. Ownership of computers also continues to increase, and today 86 percent of U.S. households own at least one computer, making it the third most owned CE product category behind televisions and DVD players. The popularity of netbooks, owned by 12 percent of U.S. households, and laptops, now owned by most households (58 percent), is helping drive the computer category.
All in all, there's great news all-around. Spending on technology is on the rise, and Apple's iPad has already sold a million units. When a non-essential tablet sells a million units, that's a pretty good sign that morale is on the rise. Your day just got a little brighter, right?