Consumer Sentiment on Technology Spending Highest Since 2007
Oct 29, 2013
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October 2013 consumer confidence toward technology spending jumped to the highest level since 2007 and sentiment toward the overall economy increased two points in October, according to data from the Consumer Electronics Association (CEA).
CEA's Index of Consumer Technology Expectations (ICTE), measuring consumer expectations about technology spending, were up 9.5 points in October to 90.2.
"Consumer interest in tech has moved up decidedly heading into the holiday season," said Shawn DuBravac, CEA's chief economist and senior director of research. "Exciting product announcements coupled with early retailer promotions and advertisements are likely behind the jump in sentiment toward tech spending this month."
Total consumer electronics retail sales in the 2013 November-December holiday sales season are expected to increase 4.0% over 2012's holiday season. Sales are expected to reach $738 billion in total revenue, according to CEA's 2013 Holiday Retail Sales Forecast.
CEA's Index of Consumer Expectations (ICE), measuring consumer expectations about the broader economy, was up two points in October to 163.7. This index remains down 14 points compared to October 2012.
"After two months of declines, the recent government resolution, although temporary, coupled with generally improving financial conditions has consumers feeling more confident this month toward the overall economy," said DuBravac.
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