Arlington, Va. - Consumer confidence in the overall economy and in technology both dropped in February, according to the latest Index from the Consumer Electronics Association (CEA), however, confidence in both is higher than for the same period last year.
The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, dropped 2.6 points from its all-time high in January to 174.7. This is nearly three points higher than this time last year, when the ICE measured 172.0.
Consumer confidence in technology spending also fell this month, with the CEA Index of Consumer Technology Expectations (ICTE) dipping to 85.6, down 2.4 points. The ICTE, which measures consumer expectations about technology spending, is up nearly 10 points from this time last year.
"February's results suggest that some uncertainty remains for consumers regarding near-term economic prospects," said Shawn DuBravac, CEA's chief economist and director of research. "With that said, indexes are higher than this time last year, which indicates we are moving further along in the path to economic recovery. Despite slight drops in both indexes this month, the trend remains intact - consumer sentiment continues to improve as the underlying economy strengthens."
The CEA 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.
To find current and past indexes, charts, methodology and future release dates, log on to CEAindexes.org.