Consumer Electronic Sales Tumble

Massive pullback in consumer spending on electronics, according to new figures.

Consultants ChangeWave has reported a huge decrease in spending on consumer electronics, a sign that the economic downturn is starting to bite deep.   Ina February survey, only 19% of respondents said they’ll spend more on electronics during the next 90 days, compared with 33% who said they will spend less.   That cut will be largely across theboard, hitti8ng everything from LCD TVs to iPods, although Nintendo should breathe a sigh of relief, since 8% of respondents indicated they planned to buy a Wiiin the next 12 months, while 9% have plans to buy a Blu-ray DVD player.   Of the major retailers, only Wal-Mart looks to experience an upturn, according torespondents.   Overall, the picture is disturbingly bleak. As the survey’s authors write:   “Thus, there is frightfully little in our findings to suggest the economic stimuluspackage will jumpstart consumer spending on popular electronic devices. Rather, our findings point to an increasingly preoccupied American consumer who has fallen out of love with gadgets.”