Consumer Sentiment Toward Technology Spending Jumps to Highest Point for October Since 2007, According to CEA Indexes
"Consumer interest in tech has moved up decidedly heading into the holiday season"
Arlington, Va., October 22, 2013 - Consumer confidence toward technology spending jumped to the highest level for the month of October since 2007, while sentiment toward the overall economy increased two points in October, according to the latest figures released today by the Consumer Electronics Association (CEA)®.
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, jumped 9.5 points in October to reach 90.2.
"Consumer interest in tech has moved up decidedly heading into the holiday season," said Shawn DuBravac, CEA's chief economist and senior director of research. "Exciting product announcements coupled with early retailer promotions and advertisements are likely behind the jump in sentiment toward tech spending this month."
Total retail sales for the November through December holiday sales period are expected to increase by 4.0 percent over last year, reaching $738 billion in total revenue, according to CEA's 2013 Holiday Retail Sales Forecast report. CEA's full 2013 holiday outlook will be released later today at CEA's Industry Forum in Los Angeles.
The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, increased two points in October to reach 163.7. However, this month's level still remains 14 points lower than October 2012.
"After two months of declines, the recent government resolution, although temporary, coupled with generally improving financial conditions has consumers feeling more confident this month toward the overall economy," said DuBravac.
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.
CEA releases Black Friday sales figures before and during Thanksgiving weekend. To schedule an interview with a CEA analyst regarding Black Friday and Cyber Monday sales and trends, contact Danielle Cassagnol at dcassagnol@CE.org.