Electronic Gifts to Drive Holiday Spending Increase

San Francisco, CA -- (SBWIRE) -- 10/19/2012 -- Technology purchases are expected to help the economy in the holiday season, says a survey by Consumer Electronics Association.

Overall holiday spending is said to increase 11% this year. Spending on electronic gifts are expected to increase as well. The CEA stated that consumer electronics will likely account for a third of gift spending.

Consumers, on average, will spend $1,634 this holiday for all goods. An estimated $842 of that number will be spent on gifts. That is nearly a 9% rise from last year. The average consumer plans to spend $252 (up from $246) on consumer electronics this year. Seventy-six percent of adult gift-giving will be consumer electronic products.

“Consumers are feeling more confident in the overall direction of the economy this holiday season compared to last year and, as a result, will spend more on gifts, including electronics,” said Shawn DuBravac, CEA’s chief economist and senior director of research. “CE continues to play a leading role in holiday shopping, and this year is no exception, as consumers will dedicate a large portion of their overall gift budget toward electronics, specifically mobile connected devices.”

Not surprisingly, mobile connected devices are the most-wanted gifts for the holidays. Tablet computers top that list. Smartphones are likely to be the most popular gift this year, followed by the tablets, laptops, DVD/Blu-ray players, and then accessories.

Over three fourths of adults are expected to give gifts to someone. One quarter will give a digital music purchase. Twenty percent will give electronic book purchases. Gift cards will take up 16% of purchases, while 15% will be online gaming gift cards.

Despite the rise in purchasing ability and interest, consumers will be paying close attention to pricing of the aforementioned items.

“Consumers will be in search of deals this holiday and will be using a variety of channels to find the best possible price on all gifts,” said DuBravac. “Comparison shopping in stores and online will be very common among consumers. They’ll also turn to friends and family, social media, advertisements, circulars and a number of other methods to find the best deals.”

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