Consumer spending worldwide on televisions and TV peripheral devices will buck the overall trend that will see a contraction in CE expenditures by $5.3 billion in 2024, according to newly released data from Stocklytics.com.
While overall spending on consumer electronics will fall 0.5% this year, consumers are expected to spend $4.6 billion more year-over-year in 2024 on TVs, radios and multimedia devices, such as digital cameras, headphones and speakers, reaching a total of $195.1 billion, the forecast said.
The biggest loser worldwide will be smartphones and landlines with an expected decline of $11.6 billion from $498 billion in 2023 to $486.7 billion this year, Stocklytics.com said citing a projection from Statista.
The second biggest loser will be desktop PCs, laptops, tablets, keyboards and monitors, which are expected to see a sales decline of $500 million from 2023 levels, to $314 billion, it said citing Statista.
Stocklytics.com also looked at where people will buy electronics. Worldwide nearly 78.3% of all consumer electronics sales will come from a brick-and-mortar store, the same as in 2023. Online sales will account for the remainder, it said.
By market, China will see the biggest revenue decline, a drop of 5% to $218.6 billion this year. There also will be a downturn in the United States. Revenue will fall 0.5% to $160 billion. Japan will see a decline of 1.2%, or $44.1 billion, and Brazil will experience a 0.6% drop, or $35.5 billion, according to the Stocklytics.com forecast.
India is the only market where spending on consumer electronics is expected to grow, with a 5% jump from $69.5 billion in 2023 to $73.1 billion this year, it said citing Statista.
More information is available at Stocklytics.com.
