CTA Expects 10% Rise in Consumer Tech Holiday Buying Amid Pandemic
CTA forecasts a 10% Q4 spending lift on consumer tech hardware and services to $135 billion, it said Wednesday. Some 81% of U.S. adults are “more likely” or “just as likely” to buy tech products during the holiday season, despite…
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economic and safety concerns during the pandemic, said the survey of 2,007 U.S. adults Sept. 10-13. “With consumers forgoing budgets for travel and experiences this year, more dollars will go towards technology gifts,” said Lesley Rohrbaugh, director-market research. The tech gifts consumers want most are smartphones, laptops, videogame consoles, TVs and wearables. About 70% of holiday shoppers plan to buy at least one content-related gift this season. Forty-five percent of consumers expect to buy at least one smartphone as a gift in Q4, a 4 point increase. Of those, 66% expect to upgrade to 5G. Interest in education-oriented tech products grew, said CTA. Some 26% plan to gift kits dedicated to engineering, robotics and coding for the holidays, up 5 points. Eighty-five percent plan to buy tech gifts in brick-and-mortar stores this season, 79% online. Two-thirds say the ability to socially distance from others will be a key factor. Consumers plan to buy fewer gifts and spend 18% less this holiday season than last year, reported KPMG. It canvassed 1,000 consumers in September, finding 41% who said COVID-19 fears will prevent them from shopping Black Friday sales in person.