Consumer confidence in technology reached its highest level of the year in October, according to the latest data release from the Consumer Electronics Association (CEA). The CEA Indexes also show that confidence in the overall economy improved this month as well.
The CEA Index of Consumer Technology Expectations (ICTE) rose nearly eight points, reaching 89.6. That's the highest level since December 2010, according to the CEA. The ICTE, which measures consumer expectations for technology spending, is also up more than 10 points from this time last year.
"Increases in consumer sentiment around technology are expressly higher, not just on a sequential basis, but also on a year-over-year basis, a good sign headed into the important fourth quarter and holiday selling season," said Shawn DuBravac, CEA's chief economist and director of research. "Electronics will play a key role in the holiday shopping season as consumers look for innovative gadgets to give as gifts."
Overall consumer sentiment increased for the first time since April. The CEA Index of Consumer Expectations (ICE) increased nearly three points in October. The ICE, which measures consumer expectations about the broader economy, is the highest since April, but remains more than seven points lower than this time last year.
"Consumer sentiment toward the economy is improving after months of continuous declines," said DuBravac. "Consumers are beginning to show a willingness to spend this holiday but will be looking for bargains."
