Consumer Technology Association’s 2023 retail sales forecast – The Hollywood Reporter

The annual CES show ends Sunday in Las Vegas, where, after returning from a pandemic-quiet return in 2022, the consumer technology event has been buzzing with about 3,200 exhibitors, including 1,000 startups. Karma. The final number of attendees has yet to be announced; The Consumer Technology Association, which produces CES, said in December that it hopes to reach 100,000 delegates.

Anticipating recession and inflation, CTA’s annual outlook for the consumer technology sector predicts retail sales of $485 billion. That would put spending below what the sector has experienced for several years in business during the last pandemic in this space, peaking at $512 billion in 2021. This number will increase. up from 2020, when the CTA reported $467 billion in annual retail sales.

Announced this week at CES, the association’s projections for the year include growth in technology services such as streaming and gaming, with an estimated $151 billion in consumer spending; automotive technology including batteries for electric vehicles; and health and fitness services.

CTA has lowered sales expectations in product segments such as laptops, LCD TVs, tablets, smartphones and game consoles from a year ago. In the gaming sector, the association forecasts that mobile consoles (as opposed to home consoles) will appeal to consumers who spend less time at home. CTA predicts that mobile gaming models will generate $1.5 billion by 2023.


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