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U.S. consumer tech will grow 2.8% in 2024 to $512B | CTA
04.01.2024 - 19:47 / venturebeat.com / Will
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The U.S. consumer technology retail revenues will grow 2.8% in 2024 to $512 billion, according to the forecast from the Consumer Technology Association.
The revenues will be up $14 billion from 2023, and it signals an uptick in consumer spending on tech products and services, according to the CTA, the trade group which will put on the CES 2024 trade show in Las Vegas next week. In the previous two years, the numbers dropped from past years.
Consumers will find lower prices on many tech products in 2024, underscoring the deflationary nature of technology, the CTA said.
“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,” said Richard Kowalski, senior director of business intelligence at CTA, in a statement. “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 technology companies as they become more efficient and find more ways to meet consumer needs.”
The CTA also spelled out trends to watch next year. The 2023 numbers evidently came in better than expected, as the previous forecast was for a drop to $485 billion. The actual year came in at $498 billion in 2023. The revenues for 2024 are expected to be below the previous peak of $528 billion in 2021.
Gaming hardware boom: Product refreshes in tablets, augmented and virtual reality headsets and gaming (Major brand console refresh in 2024/2025) will boost gaming revenues in 2024. Gaming will also be amplified by 12% growth in subscription services (growing to $3.5 billion in 2024). Generative artificial intelligence is expected to improve the gaming experience while also helping developers bring games to market faster.
The year of the megabundle: Content providers will increase their promotion of “service bundles” to draw more consumer interest. Megabundles have the potential to offer consumers discounted rates on their favorite services while also simplifying their payment process.
Streaming up: Consumers will spend $14 billion (up 6% over 2023) on audio streaming services and $48 billion (up 4%) on video streaming in 2024.
Devices and services go hand-in-hand: Services will be an essential part of product purchase, as seen through growth in the services segment. CTA estimates that 25% of all consumer spending on tech was for various software and subscription services in 2019. In just five years to 2024, CTA projects the same
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