The Consumer Technology Association (CTA)® released the 2023 U.S. Consumer Technology Ownership & Market Potential Study, showing that despite complex economic times, 84 percent of U.S. households plan to purchase tech products in the next 12 months. Mobile and wireless tech products lead the categories of tech products consumers want to buy.

"Consumers want content and technology that works for them, no matter where they are," said Jessica Boothe, director of market research at CTA. "Enthusiasm for wireless and new content formats continue to grow as smartphones have become an integral part of our lives."

Technology demand is stabilizing after a pandemic-driven surge. Across 80 products surveyed with comparable data to last year's study, there was an average decline of 3.7 percent in the percentage of households planning purchases in the next 12 months. This decline reflects a return to pre-pandemic levels.

Smartphones are ubiquitous in American households, and 37 percent of households plan to purchase a new smartphone in the next 12 months. Of those, 99 percent will be repeat buyers, indicating a saturated but loyal technology market. New devices like the Pixel Fold and iPhones for every budget are driving this trend.

TV is the most popular screen-based device in U.S. homes, with an estimated 259 million devices installed. Still, TV is increasingly competing with portable screens like smartphones (~255 million), tablets (~115 million) and laptops (~149 million), where users can view video in a variety of formats.

Gaming continues its rise as one of the most popular activities, with more than half of households owning a gaming console. 26 percent of households plan to purchase a console in the next 12 months. Of those households, 25 million are interested in purchasing a current-generation console, such as the Xbox Series S/X or PlayStation 5.

Insights

  • Consumer demand for tech products is expected to contract slightly in 2023, with 84 percent U.S. households planning to purchase tech products in the next 12 months. The number of products consumers plan to purchase is down slightly (a decrease of 3.7 percent vs. 2022).
  • 5G-capable phones now represent almost two-thirds of all smartphones in owner households' possession.
  • Demand for wireless personal audio devices has not wavered — retailers can expect robust personal wireless audio sales. More than one-third (37 percent) of households show interest in purchasing them.
  • Digital media streaming device ownership has surged as the cord-cutting trend accelerates, with ownership jumping eight percentage points from 2022. These media streaming devices will help fuel an estimated $46 billion in consumer spending on video streaming services in 2023, according to CTA's 2023 U.S. Consumer Technology Software & Services Forecast.
  • In the face of high interest and rising car prices, more households are opting for discrete upgrades to their current vehicles as opposed to a new and costlier car. Remote starters and dashcams lead purchase intent among first-time buyers, with an estimated 20 million new households expressing interest.