Consumers are feeling better about spending on technology products but wishy-washy on the overall economy.
Consumer confidence toward tech spending rebounded in June in line with historical seasonal levels, according to the Consumer Technology Association (CTA) Indexes.
The CTA Index of Consumer Technology Expectations jumped 10 points in June to reach 87.5, in line with historical seasonal trends and only 0.3 points below June 2015.
“Tech spending confidence improved significantly in June and returned to seasonal levels after last month’s deviation,” said Shawn DuBravac, CTA’s chief economist. “If tech sentiment is maintained, this month’s rebound bodes well and suggests strength for the second half of the year. Additionally, as a share of total consumer spending, tech has been inching higher over the last six months, a sign that consumers are allocating an increasing share of dollars towards tech.”
The CTA Index of Consumer Expectations, which measures consumer sentiment about the U.S. economy as a whole, dropped nine points in June to 171.3.
“The drop in sentiment toward the overall economy is likely due to higher gas prices over the last month and increased global uncertainty amidst the Brexit vote in the United Kingdom last week,” said DuBravac. “Equity markets slid and uncertainty rose, putting downward pressure on sentiment.”
The CTA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. Find current and past indexes, charts and methodology on the CTA Indexes page.