‘No Surprise’ Consumer Tech Sales Will Fall 0.2% in 2022: Shapiro
That U.S. consumer tech sales are projected to decline 0.2% this year is “no surprise,” said CTA President Gary Shapiro Thursday on LinkedIn of the association's midyear industry forecast report. “With inflation at a 40-year high and a recession on…
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the horizon (or perhaps already here), consumers are battening down the hatches and not increasing their spending in 2022,” he said. COVID-19 restrictions have eased and people are spending more on travel, dining and entertainment, “which I see as broadly positive for our society -- even if it means a return to near pre-pandemic levels of spending on tech,” he said. Half of CTA member companies canvassed by the association expect shipping and logistics disruptions “will continue for a year or longer, a sign that unsnarling supply chains will require long term effort and a continued push for business-enabling public policy,” said Shapiro. CTA accentuated the positives in describing the expected 2022 sales decline, saying it projects "a return to pre-2020 levels of technology sales after 2021's historic purchasing surge led to a record $504 billion in U.S. retail revenue." The industry will experience "negative sales and shipment growth" for the first time since 2009, it said. Despite the overall decrease for the rest of 2022, 5G smartphones, gaming, smart home and health tech are the sectors that will drive growth "into 2023," said CTA.