Americans will spend a record amount on consumer electronics this holiday season, devoting nearly a third of their gift budget to gadgets, the Consumer Electronics Association (CEA) said Tuesday.
"This holiday season, spending on consumer electronics gifts will reach historic highs, despite an overall decline in gift spending," the CEA said in its annual survey of holiday spending.
"Overall, consumers will spend 750 dollars on holiday gifts, down two percent from last year," it said. "They will, however, spend more on consumer electronics gifts than ever before.
"Consumers will spend 232 dollars on consumer electronics gifts, up five percent from last year and the highest level since CEA began tracking holiday spending," the CEA said.
Among the most-wanted gifts for the holidays are computers, Apple's iPad, electronic readers, digital cameras, televisions and video games systems, the CEA said.
Explore further: IBM posts lower 1Q earnings amid hardware slump