Consumers are expected to spend 11 percent more overall this holiday season than last year. And they plan to spend slightly more on consumer electronics this year.
According to a study by the Consumer Electronics Association (CEA), consumer electronics gifts will account for nearly a third of all gift spending this season.
“Consumers are feeling more confident in the overall direction of the economy this holiday season compared to last year and, as a result, will spend more on gifts, including electronics,” said Shawn DuBravac, CEA’s Chief Economist.
On average, consumers plan to spend $1,634 overall this holiday, up 11 percent from last year. Consumers plan to allocate $842 from their overall budget towards gifts, up 9 percent from 2011. Consumers plan to spend $252 on consumer electronics this year, up slightly from $246 last year.
Tablets are the most wanted gift this year. Smartphones, and notebook PCs are also high on consumer’s lists and so are TVs and standard cellphones.
The CEA expects smartphones will most likely be the most popular CE gift given this year followed by tablets, notebook PCs and DVD/Blu-ray players.
CE accessories will also be popular including headphones/earbuds, carrying cases and memory cards.
“Consumers will be in search of deals this holiday and will be using a variety of channels to find the best possible price on all gifts,” said DuBravac. “Comparison shopping in stores and online will be very common among consumers.”
Two-thirds of consumers plan to compare prices of CE products online before making a purchase, 41 percent likely will use a mobile device to compare prices while they are in a store and 28 percent plan to search for promotions on a social networking site.
More than three-quarters of consumers think overall holiday shopping deals and Thanksgiving weekend deals will be as good as or better than last year.
Source: CEA
