Further evidence that the worst of the global economic recession is in the past, a new report from research firm Gartner estimated that consumers will spend $2.1 trillion on digital information and entertainment this year.
This is good news for those in the mobile and mobile phone accessories industries, as such markets have been among the largest segments in terms of consumer spending in recent years.
According to Gartner, of the $2 trillion consumers spent last year, 28 percent was on devices, such as smartphones, tablets, PCs and other entertainment equipment.
However, this is also good news for consumers, as Gartner said this trend has led to more diverse offers – often resulting in more competition and lower prices for goods and services.
"Technology innovation opens windows of opportunity for vendors to consider diversification," said Mikako Kitagawa, principal research analyst at Gartner. "However, technology innovation also opens a window for change among consumers to switch vendors in the pursuit of cost savings or lifestyle-changing technology."
Going forward, smartphones are expected to represent a growing portion of consumer spending. According to recent figures from IDC, the global smartphone market will grow 55 percent year over year in 2011.