Arlington, Va. - Consumer intentions to purchase CE products have hit the highest level in nearly two years, according to the latest Consumer Electronics Association (CEA)-CNET Index figures.
The CEA-CNET Index of Consumer Technology Expectations (ICTE), produced by the CEA and CNET, measures consumer expectations about technology spending. According to figures released today, the index reached 93.5, the highest level of the index since tracking began in January 2007.
The ICTE also saw the largest sequential increase in the history of the index, climbing more than 14 points from October and more than 9 points from this time last year.
"This holiday shopping season is shaping up to be a digital one with consumers looking to purchase technology gifts," said CEA chief economist and research director Shawn DuBravac. "November's index results show consumers are eagerly anticipating purchasing electronics on Black Friday and during the rest of the holiday shopping season even with a difficult overall economic picture."
The figures support CEA's recent 16th Annual CE Holiday Purchase Patterns Study, which found that 80 percent of individuals want consumer electronics as a gift this holiday, the highest results in the history of the study.
The increase in CE demand comes as consumer confidence in the overall economy continued to decline. The CEA-CNET Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, fell to 165.3 this month, the lowest level since July 2008. The index is down nearly 9 points from last month and off more than 4 points from this time last year.
"Consumers continue to worry about the overall direction of the economy," DuBravac observed. "Concerns over a still-declining job market and personal financial health persist among many Americans."