Consumer Electronics Remain Must-Have Gifts of Holiday Season
Oct 22, 2008
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Consumer electronics products continue to top the holiday wish lists of adults and teens, resulting in 3.5% projected growth in fourth quarter industry shipments over last year, according to the Consumer Electronics Association (CEA).
According to CEA's 15th Annual CE Holiday Purchase Patterns Study, consumer electronics comprise four of the top 10 items on adults’ holiday gift wish lists, with computers coming in second behind peace and happiness. Televisions, video game systems, and cell phones also made the top 10. Nearly 80% of adults expressed interest in receiving a consumer electronics product as a gift this holiday season, an increase of four points from last year. Meanwhile, 84% of teens want to receive a CE product this year, up eight percent from 2007. The most popular CE products for teens this holiday are computers, video game consoles, portable mp3 players and cell phones.
Consumers plan on spending a total of US$1,437 this holiday season on everything from gifts to food to decorations. That number is down nearly $200 from last year as consumers cite cost of living increases and economic concerns as reasons for cutting back. While consumers are planning to spend less this holiday season, CEA says they’re actually preparing to spend more on consumer electronics. Twenty-eight percent of the total holiday budget is being allocated for CE purchases, an increase of 6% from last holiday.
The study also tracked the gifts consumers are planning on giving their friends and family this holiday.
The study found that retailers should also make the most out of their advertising dollars. Half of consumers say coupons and circulars in the Sunday paper are useful, while 45% say television commercials are effective.
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