05.20.2008 10:40 AM
U.S. consumers to continue opening wallets for electronics, HDTVs, says CEA
From April 2007 until the end of March 2008, U.S. households reported spending on average $1405 on consumer electronics, $120 more than the year before, according to research released April 24 from the Consumer Electronics Association (CEA).
The study, “The 10th Annual Household CE Ownership and Market Potential Study,” showed HDTVs will have the highest growth in household penetration rates this year. More than 50 percent of U.S. homes already own a digital television, and it looks like HDTV has the potential to match that household penetration by the end of the year, said Chris Ely, CEA’s senior analyst.
According to Ely, several factors are responsible for the uptake, including the impending Feb. 17, 2009, DTV transition, lower HDTV prices and growing awareness of the benefits of HD.
Despite uncertain economic times, the growth in the consumer electronics industry is projected to continue in 2008. With strong growth in several categories, including flat-panel displays, PCs and video game systems, the industry is on pace to outperform last year’s total of $161 billion in overall shipment revenues.
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