The consumer tech sales in the United States (US) has been projected to grow by 18% year-over-year (YoY) in Q4 2020 due to the continued work and learn-from-home trends. Comparatively, the growth rate in Q4 2019 was only at 4%. This growth pattern was revealed in the research data analysed and published by ComprarAcciones.com
In Q2 2019, online tech sales accounted for 48% of the total consumer tech revenue against the 69% eCommerce revenue from the Q2 2020.
The overall tech revenue in the US will drop by 2.2% amid 16.6% growth of the Consumer Electronics Sector, ComprarAcciones claims.
During the “back-to-school” season (virtual classes), sales of traditional supplies like pencils and notebooks declined by 32% YoY. In the seven-week period which ended on August 8, 2020, there was a revenue drop of 50%.
Fortunately, the same period saw a remarkable surge in consumer tech products related to online schooling. Notebook computer sales soared by 51% as monitors surged by 79%. Communication devices like webcams/USB cameras saw a 116% increase in sales.
Globally speaking, consumer electronics revenue will grow 16.6% YoY to $375.6 billion according to Statista.
However, based on a study by the Consumer Technology Association (CTA), the overall tech revenue in the U.S. will decline by 2.2% in 2020 to $406.8 billion. That will be the tech sector’s first decline since 2009.
Despite the overall US tech sector’s decline in 2020, some segments will perform well. For instance, software and streaming services will grow by 14% to $86 billion. Also, health monitoring device shipments are projected to rise by 75% to 10 million. 5G smartphone shipments will increase by 800% to 14 million, with revenue surging by 665% to $11 billion.
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