Electronics set to power US holiday sales: report
Electronics sales are set to light up an otherwise dreary US holiday shopping season, according to the Consumer Electronics Association.
The trade group released figures Tuesday predicting an increase in holiday electronics sales of 5.6 percent this year, with the average household spending $246 on gadgets, roughly a third of its gift budget of $769.
Tablets and computers rank second and third on the list of gifts most sought after by adults, with clothes taking the top slot. Peace, happiness, and money followed behind all three, according to the CEA.
The National Retail Federation last month predicted that total holiday retail sales would rise 2.8 percent, to $465.6 billion, less than the 5.2 percent growth registered in 2008 but slightly better than the 10-year average.
"The 2011 holiday season can be summed up in one word: average," it said.
Americans will be hoping for a much stronger season that can help combat the economic downturn and perhaps chip away at the country's stubborn 9.0 percent unemployment rate.
The economy created 80,000 jobs in October, slightly worse than economists expected, although there were heavy upward revisions for previous months.
(c) 2011 AFP
