Report: Consumers Feeling More Confident About Economy
Jul 25, 2012
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Consumer confidence about the overall economy increased in July, according to the latest CEA Index released today by the Consumer Electronics Association (CEA). Consumer confidence in technology fell from June 2011, but it was the second-highest recorded level for July since the creation of the CEA Index.
CEA's Index of Consumer Expectations (ICE) rose 2.5 points from June to July. The ICE measures consumer expectations about the broader economy. It reached 172.9, its highest level since March 2012, and up nearly 14 points from July 2011. It was the highest level for the month of July since 2007.
"Consumers are feeling more confident about their personal financial health, and they have higher expectations for the job market, which helped offset a slight decline in how they felt about the economy," said Shawn DuBravac, CEA's chief economist and senior director of research.
CEA's Index of Consumer Technology Expectations (ICTE), however, fell 1.4 points in July 2012 to stand at 88.1. The ICTE measures consumer expectations about technology spending. It remains higher year-over-year, reaching its second-highest July level since the CEA Indexes were introduced in 2007.
"In July, consumers showed a slight decline in their willingness to spend on technology," said DuBravac. "As we've seen in the past, consumers may be holding off on tech purchases until the important fourth quarter shopping period."
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