The US consumer technology industry, which serves as a benchmark for the global tech industry, is set to rake in a record-breaking $351 billion in retail revenues this year or 3.9% higher than 2017, according to new research from the Consumer Technology Association (CTA).
Released on Jan. 8, a day before the opening of Consumer Electronics Show (CES) 2018, the latest edition of the US Consumer Technology Sales and Forecasts noted that projection will be driven by “excitement about emerging technologies and the resilience of historically leading categories.”
The report also includes for the first time a projection for consumer spending on music and video streaming services – valued at $19.5 billion in revenue, 35% higher than just last year. CTA added streaming services sales.
It also includes internet-enabled services that deliver on-demand or linear video content (e.g., Netflix, Hulu and Sling TV) and on-demand audio content (e.g., Spotify, Pandora or Apple Music) – to better capture the full expanse of the ever evolving and expanding consumer technology market. Excluding the addition of streaming services, total industry revenue would increase by 2.2% in 2018.
“Technology is improving our lives in more ways than ever – and consumer enthusiasm is growing just as quickly as companies can bring their innovations to market,” said Gary Shapiro, CTA president and CEO, in a statement.