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Consumer confidence in the overall economy was relatively unchanged in May but confidence in technology showed a slight drop according to data from the Consumer Electronics Association and CNET.
The CEA-CNET Index of Consumer Expectations (ICE) rose one-tenth of a point to 164.2 in May. The ICE, which measures consumer expectations about the broader economy, is down over ten points from this time last year.
"Consumers remain guarded after a tumultuous month on Wall Street," said Shawn DuBravac, CEA's chief economist and director of research. "Consumers are increasingly worried about their job security and long-term financial health with more people feeling the U.S. economy will be in worse shape in the coming twelve months."
Consumer confidence in technology showed a slight decrease this month. The CEA-CNET Index of Consumer Technology Expectations (ICTE) fell eight tenths of a point to 71.5. The ICTE, which measures consumer expectations about technology spending, reached its lowest level since its all-time low in March 2009. The ICTE is down nearly ten points from last year.
"With concerns about financial well-being, consumers are watching what they spend, including on technology," said DuBravac. "Despite a number of new and innovative products entering the marketplace, sentiment is suggesting consumers want to hold back purchases despite recent months of strong spending figures."
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