Growth in US year-end holiday shopping expected in 2014

Date: 03/10/2014
The growth in US economy brings cheers across the world, since the interdependency is high, people around the world expect US economy to grow further stronger for the overall growth of global economy. One of the indicator of US economy is the holiday shopping. In United States most of the market research studies point towards increased holiday shopping during the year-end season of 2014, starting from Halloween to new year shopping.

Consumer Electronics Association (CEA) has predicted 2014 holiday season will see the highest levels of consumer spending on consumer electronics (CE) since CEA began tracking holiday spending in 1994.

Total tech spending during the holidays to increase by 2.5 percent (up from 0.9 percent growth in 2013) to reach a record $33.76 billion during the 2014 holiday season as per the latest findings by CEA analysts.

The top five consumer electronic products wished by US adults to be gifted to garner share of 51% of total revenue of consumer electronic industry in 2014 resulting in a total revenue generation of US$108.8 billion in 2014, as per CEA.

Tablets, Notebook/Laptop computers, TVs, Smartphones, and Videogame consoles or the top five consumer electronic products in this holiday season.

CEA says "it expects headphones and earbuds (27 and 26 percent, respectively) to be the most popular CE devices consumers give during the 2014 holiday season. Tablets (26 percent) also will be popular this year, followed by notebook/laptop computers (25 percent), TVs (24 percent) and smartphones (23 percent)."

The top emerging consumer electronic products during the holiday season of 2014 includes fitness device , a smart device for the home or a smartwatch as a holiday gift this year.

“The appetite for tech is strong for the 2014 holiday season,” said Steve Koenig, director of industry analysis, CEA. “Expect to see growing consumer awareness and interest in emerging tech categories, including health and fitness technology, as industry giants have entered the playing field. These products will make their first big splash this holiday season, setting up 2015 as a breakout year for emerging segments like smartwatches and smart home technologies.”

As usual lot of shopping going to be online. CEA estimates 54% of consumers are likely to purchase consumer electronics products online this year compared to 45% in 2013.
CEA also finds 26 percent of consumers indicate they are likely to purchase more CE products online this year compared to last year. The traditional retail shops still going to be used, where CEA says "tech gift purchases with 77 percent of consumers likely to purchase from a brick-and-mortar location."

Another interesting finding by CEA is about 67% of consumers are planning to use smart phone and tablet to do online shopping.

Some of the consumers are expected to shop early this year but many will wait later in the season whenever the best offer is available. Well this is about finding from CEA. Another market researcher called Offerpop shared the social marketing trends during holiday shopping of 2014.

Facebook is most preferred choice for holiday social marketing with 92% of marketers plan to spend the majority of the social marketing budget on Facebook, the far next Twitter is receiving only 4% of marketer's spending, this is according to the study by Offerpop.
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In the converged world of electronics, a growth in consumer electronics means the overall growth of electronics industry. And these market research info provide the symptoms of approaching double-digit growth in both electronics and semiconductor industry.

Author: Srinivasa Reddy N
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