By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Accessories products are gaining in sales and revenue this year, and the category is no longer considered just a luxury purchase, according to a Consumer Electronics Association (CEA) consumer survey.
Recently released CEA market research points to a projected 11 percent growth in shipment revenue for CE accessories in 2005 — a total of $8.3 billion by year-end — which is good news for retailers and manufacturers who want to enhance the performance of other CE devices.
Consistent with trends pointing to overall CE industry growth, total retail accessories sales should reach more than $11 billion this year.
“Accessories are vital to maximizing the performance of consumer electronics devices,” said Joe Bates, CEA's research director. “Whether a consumer is interested in improving device functionality or personalizing product appearance, the right accessory can offer the perfect complement to substantially increase end-user satisfaction.”
CEA conducted a consumer survey called the “2005 Accessories Purchasing Behaviors Study,” which found that consumers increasingly are buying a CE device, then purchasing separate accessories as an upgrade to those provided with the original device.
Research also demonstrates that consumer purchasing behavior in the accessories category differs across varying user groups. Opportunities for retailers range from the low-end cost conscious consumer, who makes up an estimated 19 percent of the expected accessories spending over the next 12 months, to the big-spending CE enthusiast, who makes up 42 percent of the prospective accessories marketplace.
The complete study is available free to CEA member companies. Non-members may purchase the study for $499 at www.ce.org/ceastore.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.