Tablets, Video Game Consoles Top Wish Lists for Holiday Gifts: CEA
Tablets top wish lists this year for adults and video gaming consoles for teens, the report indicated, with 74 percent buying consumer electronics.Consumer electronics spending is projected to edge up 2.6 percent this holiday season, compared with 4 percent growth in 2012, according to a report from the Consumer Electronics Association. Tablets will top wish lists this year for adults and video gaming consoles for teens, the report stated. Additionally, 74 percent of respondents who are planning to purchase gifts this holiday season intend to buy consumer electronics products as gifts, allocating a third of their overall holiday gift budgets to these types of offerings. However, the amount consumers report they actually plan to spend will reach an average of $1,431, a 12 percent decrease from 2012, even though the study found 68 percent of consumers indicated they would spend the same or more this holiday season compared with last year. Consumers who plan to spend less this year most commonly cite concerns about the economy (68 percent), already having what they need or want (67 percent) and not having the money to spend on gifts (66 percent).
"Negative economic sentiment and slipping momentum have consumers cautious about overall spending this holiday, but recent agreements, albeit temporary, should improve consumer confidence toward spending for the duration of the year," Shawn DuBravac, chief economist and senior director of research with the Consumer Electronics Association, said in a statement. "Moreover, holiday tech spending will remain somewhat impervious with recent and forthcoming product announcements to buoy excitement within the tech categories driving growth this holiday season."