Consumer confidence in consumer electronics moved up sharply in June as confidence in the overall economy dropped to its lowest point since July 2008, according to the latest figures released today from the Consumer Electronics Association (CEA) and “CNET.”
The CEA-CNET Index of Consumer Technology Expectations (ICTE) climbed in June to 82.7, up 11.2 points from last month. The ICTE, which measures consumer expectations about technology spending, is down 1.7 points from this time last year.
“Traditionally, the summer has been a strong time for tech spending. The recent news about the new iPhone and upgrades to video game consoles may have sparked renewed interest in tech among consumers,” says Anne Claudio, vice president of research at CBS Interactive.
The CEA-CNET Index of Consumer Expectations (ICE) fell to 162.8 points this month, its lowest point since July 2008, when it was 162.2 points. The ICE, down 1.4 points from last month, measures consumer expectations about the broader economy. It is down nearly twelve points from this time last year.
“The latest figures demonstrate consumers’ weariness over the overall economy,” says Claudio. “As news programs continue to show the daily efforts to contain the Gulf of Mexico oil spill, consumers may be concerned about the impact to the affected area, as well as the overall country.”
The CEA-CNET Indexes are comprised of the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA and CNET have been tracking index data since January 2007. To find current and past indexes, charts, methodology and future release dates, log on to: CEACNETindexes.org.