Household expenditure on mobile phone and telephone equipment in the US stood at $33.12 billion in 2023. The series has shown a general upward trend from $23.34 billion in 2013, despite some years of negative growth such as in 2016 and 2020. Over the past two years, household expenditure grew by 6.43% in 2022 and 3.18% in 2023. Analyzing the compound annual growth rate (CAGR) over the last five years shows a steady climb at 3.19%. According to forecasts, the expenditure is expected to grow, reaching $38.46 billion by 2028, with a 5-year CAGR of 2.37%.
Future trends to watch for include the impact of technological advancements such as 5G adoption and new mobile device features on consumer demand. Additionally, economic factors and innovation in telecommunications could play significant roles in shaping expenditure patterns.
