The average American household spends roughly $1,200 per year on electronics alone, According to a recent study by the Consumer Electronics Association (CEA), which is suprisingly more than the combined expenditures for both alcohol and tobacco.
Among the $1,200 in purchases, televisions are of the greatest popularity, being in over 90% of American households; of which, 25% own HDTVs. Mobile phones are also amidst some of the most popular devices, occupying 76% of American homes.
Over the past year, the fastest growing gadgets in the electronics industry were Digital cameras, MP3 players, network routers, and DVRs.
“Many of the top owned products have enjoyed mass-market saturation for years and will likely see growth based on upgrade and replacement sales,” said CEA senior research analyst Elena Caudle. “Some of the more intriguing categories are those that still occupy niche markets, such as mobile CE devices like GPS systems and satellite radio, which have seen healthy growth in the past few years.”
Households with teens, which were determined to spend half of their total arbitrary income on electronics, were shown to exceed the average household expenses by $500.
Caudle added that, “It’s interesting to note here that two of the fastest movers and shakers in the CE industry are devices that enable home networking. The other three products enable consumers to create, shift or transport digital content. As consumers continue to embrace digital technology this new convergence will continue to change the way Americans live, work and play.”
These figures, while they may be accurate on the average household, simply do not reflect what the majority of us actually spend on electronics. If you’re sitting at your computer reading this, chances are, you spend significantly more than $1,200 per year on your ‘must have’ gadgets.
Interestingly enough, these figures surpass the combined annual household spending of alcohol and tobacco, according to the U.S. Department of Labor and U.S. Bureau of Labor Statistics; of which, households spend ~$450 and ~$320 on alcohol and tobacco, respectively.