Consumer Electronic Goods Poised To Grow: 5 Winners

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The retail sector has been one of the worst affected by the pandemic. However, some sections have still managed to survive the onslaught. Give that an increasing number of people became dependent on technology during the pandemic, consumer electronic goods sold like hot cake during this period.

From air-conditioners, personal computers to air purifiers, television sets, smartphones, and laptops, demand for electronic goods went through the roof. And it is likely to keep soaring in 2021 too.

Consumer Electronic Retail Sales to Grow

According to a new forecast by Consumer Technology Association (CTA), published in Barron’s, consumer electronic retail sales are projected to grow 4.3% to $461 billion in 2021. The study further says that sales of products, such as streaming video, which rose during the pandemic are likely to see another good year.

The consumer electronics market is also set to gain again this year on products like videogames. The CTA also expects spending on streaming services and software to jump 11% to $112 billion in 2021. This includes spending growth of 15% on video streaming services and 19% on audio streaming. Spending on videogames will be the highest at $47 billion.

Particular Products Driving Sales

Not all but a particular few products have been helping the consumer electronics market. Given that people are still confined to their homes, spending on video and audio streaming and videogames have gone up. Also, sales of air-purifiers and air conditioners saw impressive growth last year.

The work and learn-from-home culture saw sales of laptops and desktops hitting a record high last year. The CTA sees rise of 1% in total units of laptop shipments to 69 million in 2021, while the health and fitness category, which includes smartwatches and trackers is expected to jump 6% to $9 billion in 2021.

Our Choices

Sales of consumer electronic goods have been on the rise and the market is likely to grow. Given this situation, it would be prudent to invest in these five stocks. Each of the stocks carries a Zacks Rank #1 (Strong Buy) or 2 (Buy).

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