The amount of money estimated to be spent on consumer electronics will likely decline in 2014, as growth in smartphone and tablet sales slow and as prices continue to drop, according to the Consumer Electronics Association.
Global spending is expected to reach $1.055 trillion in 2014, down from an estimated $1.068 trillion in 2013, said Steve Koenig, Director of Industry Analysis for CEA, the organization that is staging this week's Consumer Electronics Show in Las Vegas.
Reasons for the decline include rapidly declining prices for tablets, which had been one of the sector's primary growth drivers over the past two years. Average spending each smartphone this year, for example, is projected to be $297 (unsubsidized price), down from $345 in 2013. Consumers are still expected to snap up tablets and smartphones in greater quantity—enough to grow their overall revenue.