Consumer IT spending to slide further amid recession fears in Asia-Pacific

The consumer IT spending in the Asia-Pacific region, already taking the brunt in the ongoing tight market conditions, is set to further slide in 2023, depending on the severity of the economic slowdown, according to an IDC report.

The risk of recession worldwide has continued to rise amid increasing inflation and the expectation of a tightening monetary policy.

The rising inflation is driven by ongoing supply chain constraints, geopolitical tensions, growing food and energy prices, and early 2022 lockdowns in China.

The second-order impact of these disruptions on Asia-Pacific economies is now being felt, the report mentioned.