Consumer Electronics Industry to reach $171 bln

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.