CE industry expects spending boosts on improved consumer confidence
ARLINGTON, Va. — Consumers are feeling more positive about the overall economy and are growing more likely to make technology purchase, according to the latest CEA Index from the Consumer Electronics Association.
Consumer sentiment toward technology improved for a second straight month, reaching 89.5 in June. The CEA Index of Consumer Technology Expectations (ICTE) rose nearly two points and is at the highest June reading since the inception of the Index in January 2007. The ICTE, which measures consumer expectations about technology spending, is up more than seven points from this time last year.
“Despite continued global upheaval, gas prices are declining, which is likely relieving some pressure on consumer spending, which in turn is allowing consumers to feel like they can allocate more money to technology,” said Shawn DuBravac, CEA’s chief economist and senior director of research.
Consumer confidence in the overall economy also improved in June. The CEA Index of Consumer Expectations (ICE) climbed to 170.4, an increase of 2.6 points from last month. The ICE, which measures consumer expectations about the broader economy, is up more than ten points from this time last year.
“Sentiment about the economy is up from this time last year,” said DuBravac. “However after several months of declines, a flat equity market and continued volatility in global economies, sentiment will likely remain under pressure.”
The CEA Indexes comprise the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA has been tracking index data since January 2007.