Consumer confidence toward technology spending dropped in October, while consumer sentiment toward the overall economy remained flat, according to the latest data released today by the Consumer Electronics Association (CEA)®.
“A dip in consumer sentiment toward tech spending is not unusual for October”
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, dropped 5.5 points to 83.3 in October, consistent with past years.
“A dip in consumer sentiment toward tech spending is not unusual for October,” said Shawn DuBravac, Ph.D., chief economist, CEA, and author of the New York Times best-seller Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate. “Concerns could be driven by the health of the economy, but it more likely suggests consumers are holding back tech spending in advance of the traditional holiday shopping season – rightly anticipating for sales events to begin in November.”
Consistent with CEA’s holiday outlook, the annual study shows more consumers (71 percent, a 10 percentage point increase from 2014) plan to wait until November or December to start their holiday shopping, while 24 percent (down from 31 percent in 2014) indicate they anticipate shopping in October or earlier.
The CEA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, decreased 0.6 points from September to 169.9.
“Financial conditions tightened and signs of slowing growth continued to emerge in October, resulting in sentiment toward the overall economy consistent with last month,” said DuBravac. “Upward dollar pressure, market volatility, equity declines and widening yield spreads, among other factors, all contributed to weaker a weaker economic climate.”
The CEA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. 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 $285 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative and regulatory advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at CE.org, InnovationMovement.com and on social.
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