Arlington, Va. - Consumer confidence in the economy reached
its lowest level in the history of the CEA-CNET Index in July, while confidence
in technology dropped slightly, according to figures released today by the
Consumer Electronics Association (CEA) and CNET.
The CEA-CNET Index of Consumer Expectations (ICE) fell to
157.3 this month, an all-time low. The ICE, down 5.5 points from last month,
measures consumer expectations about the broader economy. It is down more than
eight points from this time last year.
"The overall mood of consumers continues to be cautious,"
said Anne Claudio, research VP at CBS Interactive. "A variety of factors are
weighing heavily on consumers and their feelings towards the economy."
Consumer confidence in technology showed a slight decrease
this month. The CEA-CNET Index of Consumer Technology Expectations (ICTE) fell
more than half of a point to 82. The ICTE, which measures consumer expectations
about technology spending, is up 5.4 points from last year.
"Although there were several new and innovative technology
products launched this month, consumers seem uncertain about purchasing
consumer electronics," said Claudio. "This may be a wait-and-see approach,
as parents and children prepare for the school season and may purchase more for
necessity rather than luxury."
The CEA-CNET Indexes are comprised of 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 and CNET have been tracking index data since January
2007. To find current and past indexes, charts, methodology and future
release dates, visit http://ceacnetindexes.org.