The CEA marks the highest level of consumer technology confidence against backdrop of lowest US economic confidence since records started in 2
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The Consumer Electronics Association has reported that consumer confidence in technology rose to its highest level of the year in November, despite confidence in the US economy down to an all-time low.
The CEA Index of Consumer Technology Expectations (ICTE) measures consumer expectations in technology spending and rose to 91.2, by two points within the month and its highest level since December 2010. The ICTE is also up by almost 12 points from November 2010.
This announcement comes from a backdrop of the lowest level of consumer confidence in the economy since the CEA Index began in 2007. The Index of Consumer Expectations (ICE) fell by three points since October to 156.6, and is down by than 10 points since November 2010.
Shawn DuBravac, Chief Economist and Director of Research, CEA, commented: “Tech continues to grow and remains well above year-over-year levels on the heels of the strongest monthly gains for electronics and appliance retail sales since November 2009. Strong retail sales in October, coupled with growing consumer intentions to purchase innovative new technologies, is well timed as we move fully into the holiday shopping season this week.”
Speaking of the decline in the ICE, he stated “the Super Committees’ inability to come to a debt reduction compromise in Washington is clearly impacting sentiment across the country. Consumers remain uncertain about the near term and long term viability of the US economy.”
Despite this, OPI have reported that the CEA expects the consumer technology market to generate over $1 trillion (€742 million) in 2012.