Virus Brought ‘Unexpected Windfall’ to Canadian Tech Sector, Says NPD
NPD pegged 2020 as a year of “historic growth” for the Canadian consumer tech industry, with sales up 18% from a year earlier, said the point-of-sale reporting service Thursday. NPD expects 4% consumer tech sales growth in Q1 compared with…
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the 2020 quarter, but tough comparisons with the monumental growth in the final three quarters of 2020 will result in a 10% decline in 2021, it said. It’s forecasting additional 1% declines in 2022 and 2023. The consumer tech space will see a slowdown from 2020 but will surpass 2019 levels, said NPD. “Pull forward purchases of high ticket items such as notebooks and TVs will impact sales opportunities in 2021 and 2022,” it said. “The 2020 pandemic drove the technology space in Canada to its highest ever dollar sales levels,” said NPD analyst Chris Brugman. “Consumer spend on higher ticket items for in-home work, learning and entertainment was an unexpected windfall for the industry.”