Consumer Behavior

Tech industry revenue increase coming this year

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January 10, 2024

The U.S. consumer technology industry will grow 2.8% this year and consumers will discover lower prices on many tech products.

That's the forecast from the Consumer Technology Association which projects retail revenues will grow to $512 billion, up $14 billion in 2023, according to a press release.

"Despite inflation in most sectors of the U.S. economy, it's noteworthy that consumer tech products like TVs, smartphones and gaming hardware are being bought at lower prices by consumers," Richard Kowalski, senior director of business intelligence at CTA, said in the release. "Technology by nature is deflationary as innovation leads industries to find newer, more efficient ways to compete. Looking ahead to 2024, I expect developments in artificial intelligence will accelerate growth for consumer and enterprise technology companies as they become more efficient and find more ways to meet consumer needs."