In the technological age we as a nation have shifted to looking to mini technologically advanced gadgets and home entertainment systems as a form of entertainment. We live in a very unique time in American consumer history, in that we live in a time where even those on the lower end of the economic scale can afford technologically advanced gadgets such as Smart phones and flat screen televisions. With the rise in the demand for technologically advanced gadgets and consumer electronics, came a hugely competitive market that spanned all the way from the higher end of the income spectrum down all the way near the poverty line. Almost every family in America has some sort of electronic gadget that they have for no other reason but to entertain them. As technology has evolved, there has been better ways to make technology more affordable. There is a massive supply all around the globe of different smart phones, televisions, radios, and different gadgets that have been made affordable due to the incredibly high supply of them.
It’s rather simple really, in the past things like computers and televisions would have been only a luxury available to the rich, but as we evolved in our understanding and bettered our ability to manufacture of these things, we were able to make them more affordable for others, thus expanding the class of people who could purchase them.
There are two main immensely popular consumer electronics that come to mind when thinking about the most wildly popular electronic devices of the last 10 years: smart phones and video game entertainment systems. Video game entertainment systems are wildly popular all across the world. They’re very popular across multiple age ranges and the video game industry is a billion-dollar industry(statista.com). Console systems along with PC gaming can be a lucrative industry for both industry giants like Nintendo and even small in the developers can find success in the video game entertainment industry. Many investors can bet that video games will be here to stay and very successful for a very long time.
Another giant in the consumer electronics industry is the companies that sell smart phones such as Apple Inc. and Android (beyond wireless.org). With the popularizations of the smart phones came the essential need for phone service providers such as Verizon wireless(VerizonWireless.com). The invention of the smart phone was very popular hours with the first edition of the iPhone. The iPhone is one of the most wildly popular consumer electronics on the market today. Its wild success comes down to its simplicity and the fact that it is becoming more and more of a necessity in the digital age we live in. There is so much that you can do with an iPhone, from simply using it to make calls and texts to using the thousands of different apps to run your own business from your iPhone. It truly is a game changer.
With the wild success of video game entertainment systems and smart phones it is safe to say that consumer electronics will be a vital part of the world economy for years to come.