Consumer confidence in technology spending rose in June, according to the latest data released today from the Consumer Electronics Association. The CEA Indexes also showed that consumer sentiment in the overall economy dropped to its lowest level in 10 months.
The CEA Index of Consumer Technology Expectations (ICTE) increased one point this month to 82.2. The ICTE, which measures consumer expectations about technology spending, is half a point lower than this time last year.
“Spending on tech is still holding up as interest grows in the tablet market,” said Shawn DuBravac, CEA’s chief economist and director of research. “With economic expectations down, consumers are deferring large durable purchases, which means they have some additional funds to allocate to consumer tech.”
Consumer confidence in the overall economy fell to its lowest mark since August 2010. The CEA Index of Consumer Expectations (ICE) dropped four points this month, to 160.1. The ICE, which measures consumer expectations about the broader economy, is down for the second consecutive month and is more than two points lower than this time last year.
“The deteriorating economic environment leaves consumers less optimistic about the future,” said DuBravac. “Declines in equity markets in recent weeks and a flat line real estate market have lowered consumer expectations for being better off financially in the months to come.”
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