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Consumer Tech Spending to Pass $1 Trillion This Year

In 2011, revenues increased by 8 percent to $993 billion, a survey by GfK Digital World and the Consumer Electronics Association (CEA), stated.

According to GfK, smartphones will continue to elevate overall sales growth and there is hope that tablets will add a substantial chunk of sales this year. The 2011 sales volume was estimated at about $39 billion and 2012 will bring a "strong double digit increase" GfK said. "Today, consumers from every corner of the globe crave the latest tech innovations," said Steve Koenig, Director, Industry Analysis for Consumer Electronics Association. "Rising consumer demand for mobile connected devices underpins the growth in global retail sales of CE we’re projecting this year."

The survey was released on the Eve of CES 2012, which is expected to achieve near record levels of floor space, exhibitors and visitors. The show officially kicks off with Steve Ballmer's opening keynote at 6:30 pm PST tonight.