Consumer Technology Association 2023 Retail Revenue Projection – The Hollywood Reporter
The annual CES Show concludes Sunday in Las Vegas, where after a muted post-pandemic return in 2022, the consumer tech event was energized with an estimated 3,200 exhibitors, including 1,000 start-ups. Final attendance hasn’t yet been announced; the Consumer Technology Association, which produces CES, had said in December that it was hoping to reach 100,000 delegates.
Anticipating recession and inflation, CTA’s annual outlook for the year in consumer tech has retail revenue projections at $485 billion. That would put spending below what the sector experienced during the past couple years of pandemic-era business in this space, which peaked with $512 billion in 2021. It would be up from 2020, when CTA reported $467 billion in annual retail revenue.
Announced this week at CES, the association’s projections for the year include growth in technology services such as streaming and gaming, with an estimated $151 billion in consumer spending; automotive tech including batteries for EVs; and health and fitness services.
CTA has lowered expectations for sales in product segments such as laptops, LCD TVs, tablets, smartphones and gaming consoles compared with a year ago. In gaming, the association forecasts that portable gaming models (as opposed to home consoles) will gain traction with consumers who are spending less time at home. CTA projects that portable gaming models will generate $1.5 billion in 2023.
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