Consumer confidence in technology reached the highest level in the history of the CEA Index, according to the latest figures released today by the Consumer Electronics Association (CEA), Arlington VA. Consumer expectations about the overall economy increased slightly over last month.
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, rose 9.3 points, reaching 97.3 this December. The ICTE reached the highest level since tracking began in January 2007, and is up 3.7 points from this time last year.
“Technology products are the most wanted gifts this holiday season, and we’ve seen a tremendous amount of activity, with several new product launches over the past few months,” said Shawn DuBravac, CEA’s chief economist and senior director of research. “Consumers are increasingly dedicating a significant portion of their overall gift budgets to electronics, which has crowded out other categories for holiday gift spending.”
Consumer confidence in the overall economy also increased in December. The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, reached 171.1 in November, up 8.5 points from the previous month and up 0.4 points year-over-year.
“Overall economic sentiment increased slightly in December but remains subdued,” said DuBravac. “Concerns remain over the immediacy of the fiscal cliff, and the impact it will have on U.S. households and the broader U.S. economy.”
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.