The US Consumer Electronics Association released a study finding that the average U.S. household spent $1,229 on consumer electronics in the past year, a drop of $176 from the same period last year.

According to the survey, “the 11th Annual Household CE Ownership and Market Potential Study,” men spent an average of $902 while women spent $558. And the annual spending for 18-24-year-olds rose to $1,056, which is actually a gain over last year.

"As products such as smartphones and GPS units incorporate a greater number of features and consumers replace older CE devices with newer ones, it's not surprising to see the average number of products owned fluctuate," CEA’s senior research analyst, Ben Arnold, said as part of the release of the study.

“While consumers report spending less on CE, ownership of nearly all products measured in this study are higher compared to last year showing that consumers continue to buy CE products but are purchasing them at lower price points."

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