The economy and product replenishment cycles are negatively impacting the consumer technology industry. Paul Gagnon, Circana’s consumer technology industry advisor, shares his outlook for the upcoming holiday season and how he hopes the industry prepares for the return of consumer spending.
Highlights:
Moving to a new home is a great motivator for tech purchases. But high mortgage rates, resumption of student loan payments, and high credit card interest rates are weighing down the housing market.
Consumers report they’re willing to spend more for consumer electronics this holiday season, with TVs and PCs identified as intended purchases. However, consumers are looking for deals and they’re willing to wait to find them.
The Consumer Electronics Show is around the corner, and Paul will be looking for genuine innovation, improvements to hardware and services bundles, and whether home automation players finally come together in a single, simple ecosystem for the benefit of the consumer.
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