Christmas in July promotions and back-to-school shopping have lifted consumer tech-spending sentiment to its highest level in more than 18 months, according to a Consumer Technology Association (CTA) index.
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, increased 4.1 points in July to reach 91.6, the highest reading for tech spending since November 2015, the trade group said.
CTA chief economist Shawn DuBravac attributed the uptick to early promotions, back-to-school shopping, new product introductions and a slight rise in consumer confidence following last month’s Brexit concerns.
What’s more, the rise in tech-spend sentiment “suggests strength ahead of the second half of the year,” he said.
The CTA index is updated on a monthly basis through consumer surveys, with new data released on the fourth Tuesday of each month.