Arlington, Va. - Consumer confidence in the overall economy improved in August, said the Consumer Electronics Association (CEA), as consumer confidence in technology and CE rose in the same period.
This was according to the CEA-CNET Index of Consumer Expectations (ICE), which reached 172.2 in August. CEA said this was a jump of more than 6 points from July's yearly low. The ICE is said to measure consumer expectations about the broader economy. CEA said the ICE is up 6.5 points from this time last year and has climbed in three of the last four months.
"Consumers are feeling more confident of an economic recovery as the recession comes to an end," said Shawn DuBravac, CEA's economist and research director, in a statement. "In particular, consumers are feeling more optimistic about the broader economy, their own financial wellbeing and importantly, are feeling more secure in their own jobs. Improved confidence in job security should buoy purchase decisions moving forward."
The CEA-CNET Index of Consumer Technology Expectations (ICTE) also climbed this month. The ICTE reached 78.2, an increase of more than 1.5 points from July, and has climbed in four of the past five months.
The ICTE remains down more than six points from this time last year, CEA said.
"While consumers remain cautious, an increase in the dollar amount consumers are willing to spend is a positive sign for manufacturers and retailers," added DuBravac. "Sentiment is improving at a crucial time in the year â as students head back to school and consumers begin to think about the holiday shopping season."