Arlington, Va. — Consumer confidence in the overall economy moved up sharply in May, according to figures released today by the Consumer Electronics Association (CEA).
The CEA-CNET indexes also show that consumers continue to feel more confident about future spending on technology and consumer electronics (CE).
The CEA-CNET Index of Consumer Expectations (ICE) climbed in May, reaching 174.6, up nearly 6 points from last month. The ICE, which measures consumers’ confidence in the overall economy, is at its highest level since February 2008 and up more than 11 points year over year.
The ICE report was as positive as the Conference Board Consumer Confidence Index, released earlier this week, which had improved considerably in April and posted another large gain in May.
“We see significant indications that consumers believe an economic recovery is underway,” said Shawn DuBravac, CEA’s research and economist director. “Consumers are showing increasing signs of optimism as both their outlook for the economy and their personal financial health improve.”
Confidence in technology and consumer electronics also reached its highest level of the year. The CEA-CNET Index of Consumer Technology Expectations (ICTE) climbed to 81.1, an increase of nearly 4 points from last month. The ICTE, which measures consumer confidence in technology and consumer electronics, is nearly 8 percent higher than the same period last year.
“Consumer spending on technology appears to have bottomed,” said DuBravac. “While the economy continues to deteriorate, albeit at a slower rate, consumer spending generally and specifically consumer spending on technology are likely beginning to rebound, which is in line with the timing of consumer spending in past recessions.”
The CEA-CNET indexes are comprised of the ICE and the 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, log on to www.CEACNETindexes.org.