Americans Set to Spend $487 Billion on Tech in 2021
Thanks to generous government checks and the pandemic’s stimulating effect on consumer demand for technology, the Consumer Technology Association (CTA) is predicting 2021 to be another record year for the U.S. tech industry. In its latest bi-annual industry forecast, the CTA upgraded its sales forecast from earlier this year to $487 billion, a 7.5 percent jump from an already record-breaking 2020.
“The pandemic strengthened consumers’ relationship with technology forever,” Gary Shapiro, the CTA’s president and CEO said. “From working to learning, staying connected with loved ones and taking care of our health, tech played a crucial role in improving our lives. Tech has proved time and again that innovation makes our country resilient in the face of crises.”
As the transition to 5G continues, the CTA expects smartphones to be a major driver of industry growth this year, with 5G devices contributing an estimated $61 billion to a total of $73 billion in smartphone sales. Laptops are also expected to see another strong year as many Americans continue to work, study, and socialize from home in face of the pandemic.
Other categories expected to see double digit growth this year include health and fitness tech (e.g. smart stationary bikes and treadmills), game consoles and electronic toys, while smart home revenues are expected to be flat after years of growth.