By most estimates, 2022 was a difficult year for home technology investments. Consumer electronics retail revenue fell -8% compared to an historic 2021 as a multitude of economic challenges from higher gas prices to higher interest rates threatened consumer spending. Home Automation sales were impacted by lower spending as well. Industry revenue in 2022 declined -2% compared to 2021 as key categories including Smart Lighting, Smart Thermostats, and Home Security Systems faced lower sales.
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