Display device

A display device comprising:

• a light modulating element which transmits or reflects incident light;
• a display unit which emits display light toward the light modulating element;
• and
• a retroreflective element which retroreflects the display light reflected from the light modulating element,
• the light modulating element including an inner surface on a side opposed to the display unit and the retroreflective element, and an outer surface on a side opposite to the inner surface,
• the light modulating element comprising a first mode of transmitting light incident from the outer surface at a first transmittance, and a second mode of transmitting the light incident from the outer surface at a second transmittance lower than the first transmittance, wherein the light modulating element comprises:
• a first polarizing element which is located on a side closer to the inner surface, and includes a first transmission axis which reflects first linearly polarized light and transmits second linearly polarized light crossing the first linearly polarized light;
• a second polarizing element including a second transmission axis;
• a first substrate comprising a plurality of first control electrodes;
• a second substrate comprising a second control electrode opposed to the plurality of first control electrodes;
• and
• a liquid crystal layer which is located between the first polarizing element and the second polarizing element, and is held between the first substrate and the second substrate.