Consumer confidence toward tech spending edged upward in July to reach its highest reading of the year, as sentiment toward the overall economy also increased slightly, according to the Consumer Technology Association (CTA) Indexes.
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, increased 4.1 points in July to reach 91.6, the highest reading for tech spending since November 2015.
"The fact that tech spending sentiment is at its highest level in more than 18 months suggests strength ahead of the second half of the year," said Shawn DuBravac, Ph.D., chief economist, CTA. "Early promotions are building interest and momentum for back-to-school shopping, which have likely contributed to the second straight month of rising tech spending confidence. At the same time, a diverse assortment of new products is now on the market and garnering increased consumer attention."
The CTA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, increased by 0.7 points in July to reach 172.
"Rising uncertainty last month around Brexit and other geopolitical concerns has diminished in recent weeks, and sentiment toward the overall economy incrementally improved in July," said DuBravac.