[ad_1]
The pandemic has wreaked havoc on most industries. This is due to the fact that it could slow down economic activity by preventing buyers and workers from leaving their homes. Despite the fact that this is the case, some sectors have seen surprising growth during the pandemic, such as social media companies. number has increased significantly.
With all that said, we’re getting out of the way for now, but it’s important to note that the post-pandemic boom appears to be over. According to his recent NDP data, U.S. consumers are likely to spend about 6% less on consumer electronics and technology than they did last year. Furthermore, the data also suggests that the market will shrink further by his 2023.
However, despite the 2021 post-pandemic surge proving to be short-lived, consumer technology spending remains 11% higher than in 2019. That means the industry has fully recovered, even though it won’t be able to sustain this growth rate. It may be a sign of despondency for some.
A possible reason for this decline in purchases is that the market has reached a saturation point. The rise of telecommuting has led consumers to purchase a variety of electronic gadgets that can be used to optimize their home work spaces. Additionally, widespread lockdowns have led consumers to splurge on recreational electronics among many other similar products.
Another factor contributing to this trend may be inflation. Simply put, people have less money than they did a year ago and prices are rising, which is putting pressure on consumer spending. It will be interesting to see if the forecast holds up as it will erode much of the recovery the industry has made so far. Continued declines in sales could force manufacturers to make difficult choices that could affect consumers and workers.
Read next: The world’s most hated and annoying mobile apps
[ad_2]
Source link
