$97.1 billion are expected to be spent on technology this holiday season, as 74% of US adults plan to buy at least one tech gift this year.
No surprise here: The 2019 holiday shopping season (October-December) is set to be another record-breaking one, online and in physical stores, however, some trends seem to stand out.
The Consumer Technology Association (CTA) expects that technology spending this year is projected to reach $97.1 billion in revenue in the U.S. – on par with last year’s actual spending. 186 million U.S. adults (74%) have declared to plan purchasing a tech product as a gift this year – with streaming service subscriptions and video games emerging as popular tech gifts.
Overall, 87% of U.S. adult consumers plan to shop at brick-and-mortar stores for tech gifts this holiday season, and 80% plan to shop online – both up over last year. Out of those who plan shopping online, 65% plan to do so using a mobile device (e.g., smartphone or tablet).
The CTA also listed that the top five technology purchases this year, showing that the ‘Three Screens’ continue to top consumer wish lists:
And while desktops and digital cameras falling off the top five list, emerging tech has become another great option when it comes to gifts for others, as well as themselves. 59% of U.S. adults plan to purchase a smart home product, while another 43% of U.S. adults plan to buy a wearable.
Video games: High demand
According to the NPD Group and Statista, video game spending usually peaks in November and December, with monthly sales that are often more than three times as high as they are during the rest of the year.
The CTA also mentions that half (50%) of U.S. adults said to be planning to purchase a video game as a gift, as 33% plan to buy console such as an Xbox One X or PlayStation 4 Pro and accessories such as steering wheels or joysticks.
It’s important to remember that 45% of all gamers in the United States are female, while the average male video game player in the U.S., according to ESA, is 32 years old, and the average female player is even older (36). As 60% of Americans play video games on a daily basis today, and the industry itself generated a record $43.4 billion in revenue in 2018, we’re talking about the biggest entertainment industry in the country based on consumer spending.