Consumer confidence in technology inched higher in November, while confidence in the overall economy sunk to the lowest level of 2012, according to the latest CEA Index released by the Consumer Electronics Association (CEA), Arlington Va.
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, rose by 0.3 points, reaching 88.0 in November.
“Coming off a strong Black Friday weekend dominated by tech buying, consumer sentiment is looking up for tech,” says Shawn DuBravac, CEA’s chief economist and senior director of research. “Electronics were the second most purchased item this weekend, behind only clothes. A third of all spending between Thursday and Monday was on technology products.”
Conversely, consumer confidence in the overall economy dipped to the lowest point of 2012 in November. The CEA Index of Consumer Expectations (ICE) fell 15.1 points from last month. The ICE, which measures consumer expectations about the broader economy, is down to 162.6 this month but remains nearly six points higher than last November.
“The economy continues to be a major factor in driving overall consumer sentiment. Recent CEA research showed that more than half of US adults said the risks around the fiscal cliff would negatively impact their spending expectations this holiday season,” said DuBravac. “The media cycle moved from the election directly into the fiscal cliff and this month’s consumer sentiment suggests people are beginning to internalize what a negative outcome could mean to them.”