Consumers who shop for products online could soon be getting a much-needed reminder of the credit card industry’s growing pains.CBS News reports that the consumer credit industry’s consumer printer industry is expected to report a 13% drop in sales in the second quarter of 2018, as it has for many years.
Consumer printers were expected to account for $1.4 trillion in revenue in the first quarter of 2019, according to the industry’s industry association.
However, that number is expected decline to $1 billion by the end of 2020.
The industry’s growth has slowed in recent years, with fewer consumers choosing to pay for printed goods online and fewer businesses adopting new printing technologies.
That has led to a sharp drop in the number of businesses that make their products printed.
The decline is expected partly due to fewer companies that use printouts as a method of payment, and partly due a reduction in the size of the consumer printout market.
However, a recent study published by financial consulting firm Hometrack predicts that by 2023, the consumer printer market will grow to $2.4 billion.
In other words, a shrinking printout industry is not the only reason consumers are shopping online less.
The consumer printer sector is also expected to grow at a slower rate than the consumer consumer industrial sector.For more: