Consumer Tech Industry Pulse and Outlook

Both the economy and the replenishment cycle of products are negatively impacting the consumer technology industry. Paul Gagnon, Circana’s consumer technology industry advisor, shares his outlook for the coming holiday season and how he hopes the industry is preparing for the time when consumers will be spending again.  

• 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 all 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 for them. 
• The Consumer Electronics Show is around the corner, and Paul will be looking for genuine innovation, improvements to bundles of hardware + services, and whether home automation players finally come together in a single, simple ecosystem for the benefit of the consumer.