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 eight 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."
The CEA Indexes comprise 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 has been tracking index data since January 2007.