Consumer Electronics Industry to reach $171 bln

By Johnathan Davis
07 January 2008 @ 02:39 pm EDT

Consumer electronics sales in the U.S are likely to slow in the upcoming year according to an industry trade group, however the industry will still see growth above 5 percent driven by television and audio products.

Consumer Electronics Association chief Gary Shapiro speaks at the International Consumer Electornics Show in Las Vegas on January 7, 2008. Consumer electronics sales in the U.S are likely to slow in the upcoming year, however the industry will still see growth above 5 percent driven by television and audio products. (Davis/IBTimes)

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The Consumer Electronics Association chief Gary Shapiro estimated on Monday that sales for the industry should reach $171 billion, up from an estimated $161 billion in 2007.

"Even with the very uncertain economy, consumers continue to demand our products," Shapiro said, speaking at this year's International Consumer Electronics Show in Las Vegas. "Today the average American home contains 25 consumer electronics products."

The forecast, which represent wholesale figures, comes amid concerns of a slowing U.S economy and as technology stocks started the week in the red

Technology stocks were mixed early Monday afternoon as shares of Network Appliances fell more than 4%.

The Nasdaq fell 98.03, or 3.8 percent, to 2504.65 while the Philadelphia Semiconductor Index shed 18.44, or 4.71 percent to 372.85.

CES, the industry's largest event, takes place this week.