Holiday spending on consumer electronics to grow

The newly released "15th Annual CE Holiday Purchase Patterns Study" from the Consumer Electronics Association forecasts spending on consumer electronics will grow in the last quarter compared to the same quarter in 2007.

Despite the weakening economy, the Consumer Electronics Association has projected 3.5 percent growth in the fourth quarter of consumer electronics products compared to the same period last year.

Last week, the CEA released its “15th Annual CE Holiday Purchase Patterns Study.” It showed that consumer electronics make up four of the top 10 items on adults’ holiday gift wish lists, with computers coming in second behind peace and happiness.

Televisions, video game systems and cell phones also made the top 10. Nearly 80 percent of adults expressed interest in receiving a consumer electronics product as a gift this holiday season, an increase of four points from last year. Meanwhile, 84 percent of teens want to receive a CE product this year, up eight percent from 2007.

Consumers plan to spend a total of $1437 this holiday season — down $200 from last year — on everything from gifts to food and decorations. While consumers are planning to spend less this holiday season, they’re actually 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.

The study was conducted Sept. 25-28, 2008.

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