Consumer confidence in the overall economy and technology both slipped in May, according to the latest CEA Indexes from the Consumer Electronics Association (CEA).
The CEA Index of Consumer Expectations (ICE) fell two points this month. The ICE, which measures consumer expectations about the broader economy, dipped to 164.1 in May but is at the same level as this time last year.
“Consumers are taking a wait-and-see approach given renewed economic concerns in the face of higher gas prices,” said Shawn DuBravac, CEA’s chief economist and director of research. “If prices at the pump remain high during the summer driving season, expect something to give as consumers will either cut back significantly on driving or find other places to cut spending.”
Consumer confidence in technology is also slightly down in May. The CEA Index of Consumer Technology Expectations (ICTE) fell a little more than one point this month to 81.2. However, the ICTE, which measures consumer expectations about technology spending, is nearly 10 points higher than this time last year.
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. To find current and past indexes, charts, methodology, and future release dates, log on to CEAindexes.org.