Consumer confidence toward overall economy also increases
Arlington, Va., March 25, 2014 - Consumer confidence toward technology spending reached its highest level for the month of March in seven years, while sentiment toward the overall economy also saw increases this month, 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, increased by 6.2 points in March to reach 90.4. Year-over-year, the ICTE jumped 11.2 points from last March's measurement, reaching the highest level for the month since CEA began tracking index data in 2007.
"The increase in sentiment toward tech spending is a promising sign and bodes well for strength in the sector in the coming months," said Shawn DuBravac, CEA's chief economist and senior director of research. "Although the year started off as a disappointing first quarter for the technology sector, the jump in confidence might point to an ensuing lift driven by some pent up demand."
The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, increased by 2.5 points from last month to reach 170.2 in March.
"Despite the negative drag from several severe weather events in the first quarter, consumers are feeling more optimistic," said DuBravac. "I'm expecting a 'weather payback' in the coming months as uncertainty recedes and the employment picture continues to improve."
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.
The Consumer Electronics Association (CEA) is the technology trade association representing the $208 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES - The Global Stage for Innovation. All profits from CES are reinvested into CEA's industry services. Find CEA online at CE.org, DeclareInnovation.com