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Consumer Confidence In Technology Up: CEA

11/07/2011 12:01:00 AM Eastern

ARLINGTON, VA. — Consumer confidence
in technology reached its highest
level of the year in October, according to
the Consumer Electronics Association
(CEA).

The CEA indexes also show that confidence
in the overall economy improved
this month as well.

Consumer sentiment around technology
increased significantly this month,
the CEA said, with its Index of Consumer
Technology Expectations (ICTE) rising
nearly 8 points, reaching 89.6. That’s the
highest level since December 2010, it
noted.

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 chief economist and research director,
in a statement. “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
said, with the CEA Index of Consumer
Expectations (ICE) increasing 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, the
CEA said.

“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.”

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