CTA's Revised Forecast Hints at Substantial Dip in Tech Device Sales

SEATTLE (Scrap Monster):  The Consumer Technology Association (CTA) released revised forecast, which states that core tech device sales and shipments are likely to record substantial decline in 2020, mainly due to economic uncertainty from the Covid-19 pandemic.

According to CTA’s “Special 2020 Industry Forecast Update: Assessing Covid-19 Impact”, the technology industry outlook has been impacted by several factors such as downward pressure on consumer spending and unemployment caused by the pandemic. The low market sentiment may translate itself into lower sales of new electronic devices during the current year.

RELATED NEWS:

CTA Focuses on Sustainable Future Guaranteed by Tech Innovations

U.S. Consumer Tech Industry Revenues to Exceed $422 Billion

In a press release, Gary Shapiro, president and CEO of the association noted that consumers are likely to delay big-ticket purchases such as smart phones, televisions and laptops. The smart phone sales in 2020 are projected to be around 138 million to 153 million units, declining by nearly 6%-15% from the previous year. Similarly, it projects 8%-14% decline in television sales and 4%-12% decline in laptop sales during the year.

At the same time, the sales of some tech devices are expected to deliver better performance than expected. The consumer spending in video streaming services are expected to lead to 29%-35% surge in revenues over the 2019 levels.