Consumer confidence about the overall economy increased in July, according to the latest CEA Index released today by the Consumer Electronics Association (CEA)®. Consumer confidence in technology fell from last month, but it was the second-highest recorded level for July since the creation of the CEA Index.
Consumers are feeling more confident about the overall economy, as the CEA Index of Consumer Expectations (ICE) rose 2.5 points from June to July. The ICE, which measures consumer expectations about the broader economy, reached 172.9, its highest level since March, nearly 14 points higher than July 2011, and the highest level for the month of July since 2007.
“Consumers are feeling more confident about their personal financial health, and they have higher expectations for the job market, which helped offset a slight decline in how they felt about the economy,” said Shawn DuBravac, CEA’s chief economist and senior director of research.
When it comes to technology spending, consumer confidence declined in July. The CEA Index of Consumer Technology Expectations (ICTE) fell 1.4 points this month to 88.1. The ICTE, which measures consumer expectations about technology spending, remains higher year-over-year, reaching its second-highest July level since the CEA Indexes were introduced in 2007.
“In July, consumers showed a slight decline in their willingness to spend on technology,” said DuBravac. “As we’ve seen in the past, consumers may be holding off on tech purchases until the important fourth quarter shopping period.”
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 preeminent trade association promoting growth in the $206 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 www.CE.org, www.DeclareInnovation.com and through social media: https://www.facebook.com/#!/CEAfeed http://twitter.com/ceafeed http://blog.ce.org/.