Consumer Electronics Association survey findings disagreed with the Conference Board's assessment of consumer confidence in the economy in November 2012. CEA reported that, while consumer confidence in technology purchases was up, confidence in the economy was down in November.
The CEA Index of Consumer Technology Expectations (ICTE), measuring consumer expectations about technology spending, was up 0.3 points to 88.0 in November.
"Coming off a strong Black Friday weekend dominated by tech buying, consumer sentiment is looking up for tech," said Shawn DuBravac, CEA's chief economist and senior director of research. "Electronics were the second most purchased item this weekend, behind only clothes. A third of all spending between Thursday and Monday was on technology products."
The CEA Index of Consumer Expectations (ICE) fell 15.1 points from October 2012, to 162.6. It is nearly six points higher than November 2011, although it was at the lowest level of 2012.
"The economy continues to be a major factor in driving overall consumer sentiment. Recent CEA research showed that more than half of U.S. adults said the risks around the fiscal cliff would negatively impact their spending expectations this holiday season," said DuBravac. "The media cycle moved from the election directly into the fiscal cliff and this month's consumer sentiment suggests people are beginning to internalize what a negative outcome could mean to them."
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