New Engines Drive Imaging Growth
By Greg Scoblete -- TWICE, 4/21/2008
JACKSON, MICH. — Growth in the digital imaging market is shifting away from its mainstays of digital camera sales and home printing toward photo gifts, and online and retail printing, according to market data from PMA.
Consumer spending on digital cameras and home printing consumables may decline in 2008, the association predicted. In 2007, consumers spent roughly $6.65 billion on digital cameras and spending is expected to decline to $6.25 billion this year.
Spending on home printing consumables reached $1.92 billion in 2007 and is predicted to dip to $1.89 in 2008.
In contrast, consumer spending on online/retail printing and custom photo gifts will grow in 2008.
Consumers spent an estimated $1 billion on custom photo gifts (including CDs and DVDs) in 2007. This year, that number is expected to reach $1.4 billion. Within that category, the market for photo books has picked up rapidly. In 2004, consumers spent $44 million on photo books. By 2007 that number had reached $267 million and is expected to grow still further — to an estimated $389 in 2008.
Online and retail print spending has also grown, from $2.2 billion last year to an estimated $2.6 billion in 2008.
The total imaging category is expected to grow through 2008, from $11.8 billion in 2007 to a projected $12.1 billion this year.
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