NPD Sees TV Unit Growth Returning in Q4 Amid ‘Deeper Promotions’
Revenue from U.S. consumer tech sales is expected to decline 6% this year and another 3% in 2023 but remain above 2019 industry sales due to higher average selling prices, reported NPD Monday. It forecast holiday selling season consumer tech…
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revenue this year will be down from 2021, but 11% higher than in 2019. “For the last two years consumers have relied on technology products to make their lives more comfortable and convenient while many worked, learned, and entertained mostly from home,” said Paul Gagnon, NPD vice president-industry adviser. “Rather than waiting for promotions, or in some cases specific products, they bought what was available when they needed it. But as consumers return to more ‘normal’ behaviors and schedules we are seeing a shift back to pre-pandemic purchase patterns and believe consumers will once again be seeking out holiday deals this Q4.” Though “tremendous” consumer tech sales in 2020 and 2021 “pulled demand forward in a number of categories” and will contribute to near-term declines for PC sales, industry “bright spots” for holiday 2022 will include TVs, tablets, true wireless headphones and home automation products, said NPD. TV unit sales are expected to return to growth in Q4, with year-over-year unit sales up 9%, “as prices fall and deeper promotions are expected,” it said.