US consumer tech spend to decline for second year in a row

For more insights and key statistics on the biggest trends in today’s most disruptive industries, subscribe to our Chart of the Day newsletter.

US consumers spent $497 billion on tech last year, according to the Consumer Technology Association. That’s a $15 billion drop from 2021. This year, spending will decline again, by $12 billion.

Beyond the chart: US electronics retail sales decreased by about 5% this past holiday season, per Mastercard SpendingPulse data. The pandemic pulled forward demand for big-ticket tech purchases into 2021, and consumers are spending less in this category as they transition out of remote work and learning.

More like this:

• Report: Smart Homes Forecast
• Article: What happened this holiday season and what to expect from earnings
• Article: Amazon’s struggles give Walmart an opening